Marathon Oil Corporation has achieved first gas production through its new Alba B3 offshore compression platform off Equatorial Guinea.
Production from the B3 platform allows Marathon Oil to convert approximately 130 million barrels of oil equivalent of proved undeveloped reserves, more than doubling its remaining proved developed reserve base in Equatorial Guinea the company said in a statement.
According to the company’s vice president – conventional, Mitch Little, the project allows the company to “maintain plateau production for the next two years, mitigating base decline, while extending the Alba Field’s life by up to eight years.”
Marathon Oil’s Alba field supplies 600-700 million cubic feet per day to Equatorial Guinea LNG project in which the company owns a 60 percent stake.
The remaining shareholders in the project Sonagas, the national gas company of Equatorial Guinea (25 percent), Mitsui & Co. (8.5 percent) and Marubeni Gas Development (6.5 percent).
As the operator, Marathon Oil’s unit Marathon E.G. Production holds 65 percent working interest in the Alba Field, while Noble Energy, owns approximately 35 percent.