Marathon Oil Signs Deal with Glencore for Alba Gas in Equatorial Guinea

Credit: Marathon Oil (file image)
Credit: Marathon Oil (file image)

Marathon Oil said on Monday it has entered into a five-year liquefied natural gas (LNG) sales agreement with a unit of Glencore for a portion of its natural gas produced from the Alba Field in Equatorial Guinea, boosting its presence in the European LNG market.

The Houston-based firm, which has a 64% working interest in the Alba Unit, said the sales deal is effective Jan. 1, 2024.

The company's shares were up about 1% in after-market trade.

The oil and gas exploration firm said the pricing structure for the deal is linked to the Dutch Title Transfer Facility (TTF) index, ending the legacy Henry Hub-linked contract.

"We expect to realize an approximate year-on-year EBITDA increase of over $300 million next year across our E.G. integrated gas business," said Marathon CEO Lee Tillman.

(Reuters - Reporting by Tanay Dhumal in Bengaluru; Editing by Devika Syamnath and Shailesh Kuber)

Current News

ASL to Work on Metocean Data for Offshore Wind Project in Atlantic Canada

ASL to Work on Metocean Data f

RWE Gets Clearance for 100MW Electrolyzer for OW-to-Hydrogen Production

RWE Gets Clearance for 100MW E

DOF Group Completes Acquisition of Maersk Supply Service

DOF Group Completes Acquisitio

Tyra II Facilities to Operate at Full Technical Capacity Sooner Than Expected

Tyra II Facilities to Operate

Subscribe for OE Digital E‑News

Offshore Engineer Magazine