Equatorial Guinea LNG, or
EG LNG, is a $1.4 billion gas project designed to monetize the gas reserves of the Alba gas and condensate field, located some 20 miles northwest of Equatorial Guinea’s Bioko Island.
EG LNG is a partnership company comprising
Marathon Oil, SONAGAS, Mitsui and Marubeni, which hold interests of 60%, 25%, 8.5% and 6.5%, respectively.
“One of the reasons the project was completed so quickly was because of the alignment between the government and the companies.” William Wheeler,
Managing Director of EG LNG |
The project began to take shape in early 2002, when
Marathon Oil acquired a majority share in Alba and identified LNG as a key method to monetize the field’s gas. Work then commenced on designing and building the
EG LNG Train 1, which delivered its first LNG cargo on May 24, 2007, thus making is one of the world’s fastest LNG projects.
EG LNG’s plant at Punta Europa has berthing for tankers of up to 160,000m3 of capacity, as well as two 136,000m3 insulated storage tanks. Some 650 million cubic feet per day of gas are supplied from Alba.
Bill Wheeler, Managing Director of
EG LNG, explains how the project owes a good deal of its success to the local authorities and work force: “Since the project came online in 2007, we have been very, very pleased with several things. We’ve ended up with a facility that is very reliable and safe. We’ve been able to work with the local community and hire local individuals, and spend a lot of time and effort in training those individuals.
“We are excited about the opportunity to be here. The government, especially with our project, was very co-operative. One of the reasons the project was completed so quickly was because of the alignment between the government and the companies.”
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