Chevron Advances Aseng Gas Project as African Fiscal Reforms Take Hold

Chevron is mobilizing resources for its Aseng Gas Monetization Project in Equatorial Guinea following its final investment decision earlier this year, said Brent Gros, President of Chevron’s Offshore business, during a fireside chat at African Energy Week (AEW) 2026 in Cape Town. Gros cited the project as an example of how fiscal reform and government partnership are unlocking investment across Chevron’s African portfolio.

“[Aseng] was an example of Chevron and our partners working together with the Equatorial Guinea government on what’s it going to take to unlock this investment,” Gros said. “We’re mobilizing resources now that’s going to translate to more energy, more economic development.”

Chevron took FID on Aseng in March, following agreements signed with the government in September 2025 that set the project’s fiscal and commercial terms. The development will produce gas from the Aseng field through existing midstream infrastructure, and is expected to sustain Equatorial Guinea’s LNG exports into the mid-2030s.

Speaking with Jennifer Zabasajja, News Anchor at Bloomberg, Gros pointed to similar shifts elsewhere on the continent. He said Angola has spent the past decade putting in place policies that make both marginal fields and new greenfield investments more attractive. In Nigeria, the Petroleum Industry Act “has put in a framework that’s starting to enable projects that may have been stranded for a decade,” he noted.

Gros described Africa as well positioned to supply global LNG and crude markets while meeting growing domestic demand. Chevron’s offshore business produces about one million barrels per day, and its African positions include Nigeria, Angola and Equatorial Guinea. He said the company’s Angola LNG plant is running at full capacity and that Chevron sees further opportunities for LNG expansion on the continent.

Offshore installation work on the Aseng tie-back to the Alen platform is scheduled to begin this year.