September 29, 2025 [Reuters]- Chevron said on Monday that its Noble Energy subsidiary had agreed terms with Equatorial Guinea on the development of the Aseng gas project, which will help it to reach a final investment decision.

The project, found in Block I of the Douala Basin, will help to sustain the supply of liquefied natural gas from the Central African country to global markets.

It will involve an initial investment of some $690 million and bolster the country’s ambitions to become a regional gas-processing hub, Equatorial Guinea’s minister of hydrocarbons and mining development Antonio Oburu Ondo said in a statement.

EQUATORIAL GUINEA SET TO LAUNCH LICENSING ROUND

As part of those plans, Equatorial Guinea last year agreed with nearby Nigeria to jointly construct the Gulf of Guinea Gas Pipeline.

It is also looking to develop the $4.5 billion EG-27 LNG project with the backing of Afreximbank, which is raising capital for its development.

Afreximbank says the EG-27 project that focuses on the Ebano field could produce 2.4 million metric tons of LNG a year over a 20-year period.

A member of the Organization of the Petroleum Exporting Countries, Equatorial Guinea is expected to launch its latest oil and gas licensing round later on Monday.