2023-03-30 17:05:48 ET
Marathon Oil ( NYSE: MRO ) said Thursday it signed a heads of agreement with the Republic of Equatorial Guinea and Chevron's ( CVX ) Noble Energy to develop phases 2 and 3 of the Equatorial Guinea Regional Gas Mega Hub.
Phase 1 of the mega-hub was successfully achieved with the tieback of the Alen Field to Punta Europa, which delivered first gas in February 2021, and phase 2 involves processing Alba Unit gas from January 1, 2024, under new contractual terms following the legacy Henry Hub-linked Alba sales and purchase agreement expiration at the end of this year, Marathon Oil ( MRO ) said.
GMH phase 3 is expected to facilitate gas processing from the Aseng Field at Punta Europa facilities.
Marathon Oil ( MRO ), "given its valuation and rising production combined with a likely WTI pricing ascent will enable a share price break to the upside by mid-summer," Kelly James Frank writes in an analysis newly published on Seeking Alpha .
For further details see:
Marathon Oil, Chevron to develop Equatorial Guinea gas mega-hub