GEPetrol’s stake jumps from 5% to nearly 33%, locking in supply to the Punta Europa complex and opening the door to a string of downstream projects
Equatorial Guinea and Chevron have signed a Heads of Agreement for the financing of the national oil company GEPetrol’s participation in the Aseng Gas Project — a deal that at once boosts state control over the country’s gas resources and accelerates the development of the broader Gas Mega Hub initiative.
Under the terms of the agreement, GEPetrol increases its stake in Aseng from 5 percent to 32.55 percent, ensuring that a substantially larger share of the project’s value stays within the country. The gas volumes from Aseng are expected to form the commercial backbone of a series of downstream and upstream developments under the Extended Gas Mega Hub, including the Alen Tail project, the Yoyo-Yolanda development, new drilling in Chevron-operated blocks, and potential cross-border gas flows through Gulf of Guinea pipeline infrastructure.
Critically, the agreement also secures long-term gas supply to the Punta Europa processing complex, maximising the use of existing LNG and processing infrastructure. That reduces stranded gas risk and strengthens Equatorial Guinea’s hand as a gas monetisation hub at a time when reliability and regional integration are increasingly valued by buyers.
“This agreement represents a strategic step forward for our energy sector,” said Antonio Oburu Ondo, Equatorial Guinea’s Minister of Hydrocarbons and Mining Development. The signing ceremony, held at the People’s Palace in Malabo, was attended by senior government officials, Chevron executives, and the United States Ambassador — underscoring the deal’s diplomatic as well as commercial significance.
Source: energy-pedia.com