U.S. oil major Chevron (CVX.N) has reaffirmed its commitment to developing the Yoyo-Yolanda gas project, which straddles the maritime border between Equatorial Guinea and Cameroon, the company said in a statement, reported by Reuters.
In 2023, the two African nations signed a bilateral treaty enabling the joint development of oil and gas reserves in the Gulf of Guinea, including the Chevron-operated Yoyo and Yolanda fields, which hold an estimated 2.5 trillion cubic feet of gas.
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“The Yoyo-Yolanda project is central to Chevron’s strategy of supporting long-term liquefied natural gas supply and leveraging existing infrastructure at Alen and Punta Europa,” Jim Swartz, managing director for Chevron Nigeria and the mid-Africa region, said in Tuesday’s statement.
Swartz’s remarks came following the signing of a legal contract between Cameroon and Equatorial Guinea on Tuesday that combined the previously separate leases into a single unit for the joint development of the field.
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Image Credit: Reuters
