Marathon Oil to increase investment in Equatorial Guinea following meeting with President Obiang Updated for 2021

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Updated: March 6, 2021

Marathon Oil Corp, one of the biggest energy investors in Equatorial Guinea, has committed to increase 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.

In company of Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, President Obiang Nguema Mbasogo met this week with Marathon Oil Chairman, President and CEO Lee Tillman and Executive Vice President Mitch Little to discuss Marathon Oil’s short and long-term future plans in the country.

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Marathon Oil reiterated its commitment to Equatorial Guinea and towards the development of the country’s Gas Mega Hub, including unlocking funding to promote the delivery of gas from neighboring countries and cross-border fields to maximize existing facilities and possibly consider a second LNG train. Marathon Oil also 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. I have no doubt that under Chairman, President and CEO Lee Tillman, Marathon will continue to be a strong, resilient, and well positioned partner for the future of Equatorial Guinea,” stated Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons

Marathon Oil continues to prioritize 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, both 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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