U.S oil major Chevron has renewed its commitment to the development of the Yoyo-Yolanda gas project that straddles the maritime border between Equatorial Guinea and Cameroon, the company said in a statement.
In 2023 the two African countries signed a bilateral treaty that allowed for the joint development of oil and gas reserves in the Gulf of Guinea, including the Chevron-operated Yoyo and Yolanda fields that contain an estimated 2.5 trillion cubic feet of gas.
"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 comments followed the signing of a legal contract between Cameroon and Equatorial Guinea on Tuesday that combined the separate leases into a single unit for joint development of the field.
(Reuters - Reporting by Wendell Roelf, Editing by Louise Heavens)