Marathon Oil to further develop Equatorial Guinea gas mega hub

Marathon Oil (MRO), through its affiliated company Marathon E.G. Holding Limited, announced it has signed a Heads of Agreement with the Republic of Equatorial Guinea and Noble Energy E.G. Ltd, a Chevron (CVX) company, to progress the next phases in the development of the Equatorial Guinea Regional Gas Mega Hub. More specifically, Phase II involves processing Alba Unit (MRO 64% interest) gas, from Jan. 1, 2024, under new contractual terms following the legacy Henry Hub-linked Alba sales and purchase agreement expiration at the end of this year. Phase II will materially increase MRO’s exposure to global LNG pricing and is expected to improve the Company’s E.G. earnings and cash flow significantly. Phase III of the GMH is expected to facilitate gas processing from the Aseng Field at Punta Europa facilities.