Marathon Oil signs deal with Glencore for Alba gas in Equatorial Guinea
(Reuters) - Marathon Oil said it has entered into a five-year 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.
Related News
Related News
- U.S. ethane exports to China hit new roadblock with license requirement
- Glencore to offtake 2 MMtpy of LNG from Commonwealth LNG's export facility in Cameron Parish, Louisiana
- Australia clears Woodside to run North West Shelf LNG plant to 2070
- Egypt agrees to buy up to 160 LNG cargoes through 2026
- Shell to add up to 12 MMt of additional LNG capacity by 2030
Comments