The Ministry of Hydrocarbons and Mining Development of the Republic of Equatorial Guinea, in partnership with energy major Chevron, has officially signed the Heads of Agreement (HoA) for the financing of GEPetrol’s participation in the Aseng Gas Project in Block I. Demonstrating the partners’ commitment to unlocking innovative financing solutions and maximizing state participation in strategic projects, the agreement paves the way for accelerated development phases at Equatorial Guinea’s broader Gas Mega Hub.
The African Energy Chamber, the voice of the African energy sector, salutes the agreement, as it reflects how partnerships between national oil companies and international operators can strengthen state participation while accelerating gas monetization.
Under the terms of the agreement, GEPetrol increases its stake in the project from 5% to 32.55%, ensuring stronger national participation in the exploitation of the country’s natural resources. Gas volumes from Aseng are expected to underpin the technical and commercial viability of multiple downstream and upstream developments under the Extended Gas Mega Hub initiative, including the Alen Tail, Yoyo-Yolanda, new drilling in Chevron-operated blocks and potential cross-border gas flows through Gulf of Guinea pipeline infrastructure. In this context, the HoA functions as an enabler, unlocking a portfolio of projects rather than advancing a single field.
Crucially, the agreement secures long-term gas supply to the Punta Europa complex, maximizing the use of existing LNG and processing infrastructure. This improves cost efficiency, reduces stranded gas risk and strengthens Equatorial Guinea’s competitiveness as a gas monetization hub at a time when regional demand and LNG flexibility are increasingly prized.
“This agreement represents a strategic step forward for our energy sector, enhancing national participation and opening the door for further projects that will drive industrial development, create jobs and strengthen energy security for our country and the region,” said Antonio Oburu Ondo, Minister of Hydrocarbons and Mining Development of Equatorial Guinea.
The signing ceremony took place at the People’s Palace in Malabo, with senior government officials, Chevron executives and the United States Ambassador in attendance. It also follows months of negotiations initiated after the Vice President’s 2025 visit to the United States, reflecting strong coordination between the government, GEPetrol, Chevron and international partners. The project is expected to generate long-term economic benefits and reinforce Equatorial Guinea’s role as a key energy player in the Gulf of Guinea.
From an investor perspective, the HoA sends a clear signal on policy direction. It demonstrates coordinated execution between the state, the national oil company and an international major, as well as the government’s willingness to adopt flexible financing solutions to accelerate development. As global gas markets prioritize reliability, infrastructure access and regional integration, Equatorial Guinea’s approach positions it as a stabilizing supplier in the Gulf of Guinea. The Aseng HoA does not merely strengthen GEPetrol’s balance sheet position; it reinforces the country’s ability to convert gas resources into industrial growth, export capacity and cross-border energy cooperation.
The Aseng project is being developed by Chevron (operator) alongside GEPetrol, Glencore and Gunvor.
Distributed by APO Group on behalf of African Energy Chamber.
