The government of the Republic of Equatorial Guinea has formalized the financing established for GEPetrol’s participation in the Aseng gas project in Block I.
The government reported the formalization of the financing on 23 March, a month after announcing a heads of agreement that it said paves the way for accelerated development phases at the Aseng gas mega hub. Under the agreement, GEPetrol increases its stake in the project from 5 to 32.55%, and the deal enables a portfolio of projects.
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.
The deal secures long-term gas supply to the Punta Europa complex, maximizing the use of existing LNG and processing infrastructure, according to the announcement.
In the release announcing the heads of agreement, Antonio Oburu Ondo, minister of hydrocarbons and mining development for Equatorial Guinea, said the deal opens the door for projects that will drive industrial development, create jobs, and strengthen energy security for the country and region.
Chevron operates the Aseng project on behalf of partners GEPetrol, Glencore, and Gunvor.
In related news, the Ministry of Hydrocarbons and Mining Development is expected in April to launch EGRonda 2026 to license 25 oil and gas blocks.