Chevron’s recently announced acquisition of Noble Energy for $ 13 billion gives the U.S. major an entry into Equatorial Guinea’s oil and gas sector, where Noble Energy has stakes in the Alba field (33% of WI non operated and 32% revenue), Block O (Alen fields with 51% WI and 45% interest in revenue) and Block I (Aseng fields with 40% WI and 38% interest in income).
These assets in Equatorial Guinea represent 94 million barrels of oil equivalent of proven developed reserves and 38 million barrels of oil equivalent of proven undeveloped reserves. In addition, Noble Energy was also the operator of the YoYo Block in Cameroon and the deep water block of Doujou Dak (60% WI) in Gabon, where it was evaluating recently acquired 3D seismic data. The acquisition raised several concerns and questions, mainly because these assets are currently the subject of the most ambitious gas development project in the CEMAC region. AT
While the Alba field has supplied gas to the Punta Europa complex in Equatorial Guinea for decades, including the EG LNG plant, the AMPCO methanol plant and the Alba LPG plant, its reserves in decline led to the development of the Alen and Aseng fields as alternative sources of gas. In 2019, Noble Energy was at the heart of a groundbreaking deal to launch the Alen monetization project, which is supposed to ensure a continuous and stable supply of gas to Equatorial Guinea’s LNG terminal and downstream income-generating infrastructure.
The project is still on track for delivery in 2021 and is the first step in the development of a much larger offshore gas mega-hub in the Gulf of Guinea. This regional gas hub would eventually include the development of the Yolanda and YoYo discoveries located in Block I of Equatorial Guinea and YoYo Block of Cameroon, both operated by Noble.
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