Chevron Secures Reconnaissance Licence for Five Offshore Blocks in Equatorial Guinea

Chevron has signed a reconnaissance licence agreement with Equatorial Guinea, covering five offshore blocks. This licence allows the US major to evaluate the subsurface potential of the acreage before deciding whether to formally apply for it. The deal builds on Chevron's existing upstream assets in the country, particularly the Alen and Aseng fields, and enhances its exploration optionality following similar agreements in places like Malta and Libya.

Existing Operations and Recent Developments

In March, Chevron sanctioned its Aseng Gas Monetisation project, which will utilise existing infrastructure to tap resources. This project is expected to stimulate further investment in the Alen field, the cross-border Yoyo-Yolanda field (shared with Cameroon), and exploration activities in blocks acquired in 2024. The reconnaissance licence signing ceremony was attended by Equatorial Guinea Vice President Nguema Obiang Mangue and Chevron president Jim Swart.

Block Identification and Location

The vice president's office did not identify the specific blocks Chevron is focused on. However, information from the country's ongoing licensing round website provides clarity. An acreage map shows 11 reconnaissance blocks, with a linked table indicating that six are subject to a recent exploration deal with Eni. The table does not specify the company associated with the remaining five blocks—EG-7, EG-13, EG-14, EG-25, and EG-30—though it could be Chevron. These blocks lie immediately offshore the west, south, and east coasts of Bioko Island, home to the Equatorial Guinea LNG plant. EG-13 is located further to the west, while EG-25 is adjacent to the Aseng and Alen fields.

Licensing Round Context and Company Response

Equatorial Guinea's licensing round covers 13 blocks, including four frontier areas offshore Annobon, an islet over 600 kilometres from Bioko beyond Sao Tome. This number excludes six blocks—EG-2, EG-27, EG-28, EG-29, B/4, and H—currently under negotiation. A Chevron spokesperson confirmed the company signed a Memorandum of Understanding (MoU) with Equatorial Guinea to evaluate offshore exploration opportunities. When asked to identify the acreage, the spokesperson stated that Chevron constantly reviews new exploration and existing production opportunities to support its upstream business but does not comment on commercial matters beyond that.