General – LNG Deal
Equatorial Guinea has signed an agreement with US energy giant Chevron to develop the Aseng Gas Project, marking a significant step in the country’s ambition to become a leading liquefied natural gas (LNG) processing hub in Africa.
The $690 million Incentives Agreement, signed by the Ministry of Hydrocarbons and Mining Development, the Ministry of Finance, and Chevron, will unlock offshore gas reserves in Block I.
The gas will be channelled to the Punta Europa Gas Complex for domestic power generation and LNG processing at the EGLNG facility.
The Aseng Gas Project is the third phase of Equatorial Guinea’s Gas Mega Hub (GMH) initiative, which aims to monetize stranded and associated gas resources from both local and neighbouring fields.
