American energy company Marathon Oil has announced it will be increasing its investments in Equatorial Guinea’s oil and gas sector. Marathon CEO Lee Tillman and vice-president Mitch Little recently met with Equatorial Guinea president Teodoro Obiang Nguema Mbasogo and mining minister Gabriel Mbaga Obiang Lima. Following the meeting, the oil company reiterated its commitment to the country’s energy sector and to its vision of becoming a gas mega-hub for the sub-region.
Marathon also announced its support for the mining minister’s plan to construct a modular refinery at Punta Europa and the implementation of a backfill project for the offshore Alen gas field alongside multinationals Noble Energy, Glencore, Atlas, and Gunvor. This project, along with a feasibility study backed by Marathon regarding fuel production and other variant products sourced from methanol, will see greater investment from international enterprises in Equatorial Guinea’s oil and natural gas industries.
Production and delivery of natural gas products are expected to accelerate through the end of 2020 and into the first trimester of 2021.