Chevron announced a gas agreement for the Aseng field in Equatorial Guinea. The deal transforms its partnership with GEPetrol, the national oil company.
GEPetrol's working interest expands from 5% to 32.55%. A $690 million financing framework supports this expansion.
The agreement targets production rates of 150-200 million standard cubic feet per day. This maximizes existing infrastructure utilization, aiming for 75-85% capacity.
The optimization unlocks stranded gas resources in the mature offshore basin. This is expected to improve economic returns and cash flow for all stakeholders.