U.S.-headquartered energy giant Chevron has taken a final investment decision (FID) for a gas monetization project off the coast of Equatorial Guinea. Noble Energy EG, a Chevron company, has tasked Luxembourg-domiciled Subsea7 with the subsea installation scope for the project.

Chevron has taken the final investment decision on the Aseng gas monetization project in Equatorial Guinea, following the execution of relevant agreements, pending final regulatory approvals.

Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa region, explained that the agreements and FID were made possible by the signing of a deal in September 2025 with the government of Equatorial Guinea, confirming the competitive fiscal and tax terms to enable the project.

Swartz elaborated that the project scope encompasses developing gas resources in the Aseng field through existing midstream infrastructure and has the potential to sustain the supply of liquefied natural gas (LNG) from Equatorial Guinea to global markets into the mid-2030s.

Chevron currently operates Block O and Block I and holds a non-operated interest in the Alba PSC and Alba plant. The company signed agreements with the government of Equatorial Guinea in 2024 to incorporate exploration blocks EG-06 and EG-11 into its portfolio in the country.

“The project also enables further investments in the Chevron-operated Block O Alen field, the cross-border Yoyo-Yolanda field, and exploration activities in the blocks acquired by Chevron in 2024,” added Swartz.

Noble Energy EG has hired Subsea7 for the subsea installation scope on the Aseng gas monetisation project, which entails a single-well tie-back connecting the Aseng field to the existing Alen platform.

The scope of work covered by the contract, worth between $150 million and $300 million, includes the transport and installation of approximately 19 kilometers of rigid production flowline and 20 kilometers of umbilicals, along with associated subsea structures and tie-ins in water depths of 800 meters.

The project management and engineering, which will begin immediately, will be managed from the Luxembourg-domiciled player’s Paris office, with additional support from teams in Lisbon and Equatorial Guinea. The offshore activities are expected to start in 2026.

David Bertin, Senior Vice President for Subsea7’s Global Projects Centre East, underlined: “This award represents an important milestone in our ongoing global relationship with Chevron. Subsea7 has operated in Equatorial Guinea for nearly two decades, supporting offshore construction and inspection, maintenance and repair activities.

“We look forward to continuing our collaboration with Chevron on the Aseng gas monetisation project, continuing to deliver safe, high-quality offshore installation services in West Africa.”

The latest award comes weeks after Subsea7 landed a contract extension with Turkish Petroleum Offshore Technology Center (TP-OTC) for the third development phase of Türkiye’s giant natural gas field.

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