Chevron says Equatorial Guinea's Aseng gas project on track for first gas in 2028

By Reuters News

CAPE TOWN, Oct 14 (Reuters) - US oil major Chevron CVX.N is on track to deliver first gas from its offshore Aseng gas project in Equatorial Guinea in 2028, a senior company executive said on Wednesday.


  • Chevron took a final investment decision on the $690 million project earlier this year and was "happy with its progress", Jim Swartz, managing director for Chevron Nigeria and the Mid-Africa region, told reporters on the sidelines of an energy conference in Cape Town

  • The company plans to bring in a drilling rig, likely early next year, to drill a development well at Aseng and complete a tie-back to existing infrastructure, Swartz said

  • "So, probably the first gas that we expect is in 2028," he said, adding the company also planned to drill an exploration well next year using the same rig

  • The company, which has added around 70% of new exploration acreage to its Africa portfolio over the last two years, is also considering data from other prospective Equatorial Guinea blocks, he said

  • In February, Chevron renewed its commitment to development of the separate Yoyo-Yolanda gas project which contains an estimated 2.5 trillion cubic feet of gas and straddles the maritime border between Equatorial Guinea and Cameroon

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.