Marathon Oil Supports Africa’s Sustainable Energy Expansion as AEW 2023 Silver Sponsor

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  • Marathon Oil Supports Africa’s Sustainable Energy Expansion as AEW 2023 Silver Sponsor

The US-based independent E&P company will consolidate its position in African energy by coming to African Energy Week 2022 as a silver sponsor.

As Africa gradually positions itself as a global hydrocarbon producer and exporter, countries to the likes of Equatorial Guinea are leading the way. From large-scale oil projects to multi-faceted Liquefied Natural Gas (LNG) development, Equatorial Guinea is spearheading the next wave of energy advancements in Africa. Companies such as Marathon Oil, a US independent exploration and production (E&P) company, is at the forefront of this agenda, and the African Energy Chamber (AEC) is proud to announce that Marathon Oil has joined the African Energy Week (AEW) conference – scheduled for October 16-20 in Cape Town – as a silver sponsor.

The company’s silver sponsorship highlights Marathon’s commitment to advancing Africa’s energy landscape, with a specific emphasis on the role of natural gas. Well-known for its activities in the resource-rich regions of the United States, Marathon Oil notably established itself as a significant contributor to Africa’s gas sector, primarily in Equatorial Guinea. In the country, Marathon Oil’s endeavors have made the company a pioneer in sustainable energy practices. Since 2002, it has steered groundbreaking gas projects, such as the Punta Europa integrated gas development. This massive undertaking houses Equatorial Guinea’s largest petroleum facility, including an LNG processing plant and one of Africa’s largest methanol production facilities.

Additionally, the company owns and operates a 63% working interest under a production sharing contract in the Alba field in Equatorial Guinea, showcasing the company’s commitment to responsible resource management, as well as an 80% operating working interest in Block D, exemplifying its dedication to sustainable offshore operations. In 2020, Marathon Oil’s company-operated facilities in Equatorial Guinea maintained an impressive operational availability rate of approximately 99%.

However, Marathon Oil’s commitment to sustainability extends well beyond these achievements. Recognizing the need to adapt and evolve, the company has set its sights on creating a sustainable Gas Mega Hub. This ambitious initiative, developed in collaboration with the Ministry of Mines and Hydrocarbons and project partners, is aimed at positioning Equatorial Guinea as a regional gas hub while adhering to the principles of sustainability.

Marathon Oil’s commitment to sustainability also extends to its equity-method investments. The company holds a significant 52% interest in Alba Plant LLC, which operates an onshore Liquefied Petroleum Gas (LPG) processing plant on Bioko Island. This facility extracts secondary condensate and LPG from natural gas while demonstrating Marathon Oil’s sustainable operational practices. Furthermore, Marathon Oil is proud to own 60% of EG Holdings and a 45% stake in AMPCO, both of which are accounted for as equity method investments. EG Holdings operates a 3.7 million metric tons per annum LNG production facility while AMPCO manages a methanol plant, both situated on Bioko Island. These facilities enable Marathon Oil to maximize the monetization of natural gas production from the Alba field while adhering to stringent sustainability standards.

Meanwhile, the company’s close partnership with Equatorial Guinea’s government demonstrates the profound impact of public-private cooperation in shaping competitive gas economies in Africa. Marathon Oil’s partnerships with Noble Energy and Equatorial Guinea signify its ongoing commitment to advancing the Gas Mega Hub initiative, ensuring the region remains a global gas hub well into the next decade.

“Marathon Oil’s operations in Equatorial Guinea not only contribute to the country’s energy growth but also align with the principles of sustainability by promoting responsible resource development and environmental stewardship,” states NJ Ayuk, Executive Chairman of the AEC.

As a silver sponsor at AEW 2023, Marathon Oil will drive discussions around sustainable oil and gas E&P operations. The company will also participate in numerous panel discussions, networking breaks and investor forums under the event’s umbrella theme of, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets.’

AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit www.aecweek.com.