Marathon Oil Corporation to step up investment in Equatorial Guinea

Maraton oilMarathon Oil Corp, one of the biggest energy investors in Equatorial Guinea, has committed to increasing its investment in the required infrastructure to support the Government’s vision for the Gas Mega Hub and the Year of Investment initiative following a meeting with President Teodoro Obiang Nguema Mbasogo

Marathon Oil focuses on unlocking funding to promote the delivery of gas from neighbouring countries and cross-border fields to maximise existing facilities and possibly consider a second LNG train. Additionally, the company declared support for the Ministry’s efforts to construct a modular refinery in Punta Europa by undertaking a conceptual study on the Ministry’s behalf.

“Marathon’s disciplined and consistent performance is going to ensure that Equatorial Guinea can continue to count on a partner that is tried, true and tested when it comes to running world-class gas projects,” stated Gabriel Mbaga Obiang Lima, minister of mines and hydrocarbons.

Marathon Oil continues to prioritise the ongoing Alen backfill project currently under implementation with Noble Energy, Glencore, Atlas and Gunvor. Efforts are underway to accelerate gas for delivery by year-end 2020, while currently scheduled for first quarter 2021. The project is an important step towards replacing declining output from the Alba field.

Furthermore, the parties agreed to immediately commence feasibility studies related to methanol to gasoline and other methanol derivatives, in coordination with the Ministry of Mines and Hydrocarbons. “President Obiang expects and demands of my Ministry and Marathon, today and for the foreseeable future, to work on creating an integrated set of solutions that are required — ranging from producing hydrocarbons in Equatorial Guinea efficiently to developing policies that encourage long-term investments that create jobs and opportunities for our citizens,” added minister Obiang Lima.

Many foreign investors are planning to increase their investment in Equatorial Guinea this year, or enter the market to tap into several opportunities across the hydrocarbons and mining value chains under the Year of Investment initiative.

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