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.
Marathon Oil has 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.
This follows a meeting between Chairman, President and CEO of Marathon Oil, Lee Tilman, Executive Vice President Mitch Little and H.E. President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea to discuss Marathon Oil’s short and long-term future plans in the Central African country.
The meeting also saw H.E. Gabriel Mbaga Obiang Lima, Minister for Mines and Hydrocarbons in attendance.
“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,” H.E. Gabriel Mbaga Obiang Lima, Minister for Mines and Hydrocarbons stated in a press release copied to energynewsafrica.com by APO Group.
He added that “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.”
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, 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.
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.
Source: www.energynewsafrica.com