Chevron’s development of an almost forgotten gas condensate field offshore West Africa has been given a major boost after the signing of a treaty between Equatorial Guinea and Cameroon.

The bilateral agreement could also accelerate the exploitation of three other long-stalled gas condensate projects in the region operated by the US giant and China-controlled player NewAge.

A liquefied natural gas plant which has been operating on Bioko Island in Equatorial Guinea for about two decades has long been touted as having the potential to become a regional hub handling gas from Cameroon and Nigeria, two nations with big volumes of stranded resources.