YAOUNDE, Feb 4 – Chevron has reaffirmed its commitment to the development of the Yoyo-Yolanda gas project, which spans the maritime boundary between Cameroon and Equatorial Guinea, the company said in a statement on Tuesday.
The renewed commitment follows the signing of a legal contract between Cameroon and Equatorial Guinea that combines previously separate offshore licences into a single unit for joint development. The agreement provides a unified framework for the development of the Chevron-operated Yoyo and Yolanda gas fields.
In 2023, the two countries signed a bilateral treaty allowing the joint development of oil and gas resources located in the Gulf of Guinea. That treaty covered several cross-border assets, including the Yoyo and Yolanda fields, which is estimated to contain about 2.5 trillion cubic feet of natural gas.
Chevron said the Yoyo-Yolanda project remains part of its broader gas portfolio in Africa adding that the project is structured to support long-term liquefied natural gas supply while making use of existing infrastructure in the region.
Jim Swartz, managing director for Chevron Nigeria and the mid-Africa region, said the project would leverage facilities at Alen and Punta Europa.
The unitisation contract legally merges the offshore acreage previously held under separate national licences. As a result, the fields will be developed and operated as a single asset, with production and revenues to be shared according to agreed terms between Cameroon and Equatorial Guinea.
