Marathon Oil Corporation and its partners executed a heads of agreement with Equatorial Guinea government and third parties to process third-party natural gas at the EG LNG plant.
The agreement established a framework for processing the volumes through Alba Plant’s liquefied petroleum gas (LPG) processing plant and EG LNG production facility, both located in Punta Europa, Equatorial Guinea.
With the Punta Europa facilities becoming a hub for the potential development of local and regional natural gas, the project will sustain the operating rates of the Alba Gas Plant and prolong the life of the EG LNG plant, both in which Marathon Oil is the majority shareholder.
The existing processing facilities require only minor modifications to accommodate the third-party gas, Marathon Oil said in a statement, adding that new volumes from the third party are anticipated early in the next decade.
Shareholders in Alba Plant include Marathon Oil, Samedan of North Africa, a Noble Energy unit and Sociedad Nacional de Gas de Guinea Ecuatorial (Sonagas).
The shareholders of EG LNG’s holding company include Marathon Oil, Sonagas, Mitsui & Co. and Marubeni Gas Development UK.