In January 2002, Marathon Oil Corporation acquired CMS Energy's interest in the Alba Field and together with the other Alba Field PSC Contractors (Noble Energy and Globex)and GEPetrol commenced a production expansion project. LNG was selected as the preferred method for monetizing the Alba Field gas. Bechtel Corporation was awarded the Front End Engineering Design (FEED) contract in November 2002. In November2003, Bechtel completed the FEED work and commenced pre-EPC groundbreaking activities at the plant site. In June 2004, the Final Investment Decision (FID)was approved. Subsequently, Mitsui and Marubeni acquired 8.5% and 6.5%interests in EG LNG, respectively. In 2006, GEPetrol's25% stake in EG LNG was transferred to Sociedad Nacional de Gas de Guinea Equatorial (Sonagas G.E.S.A.)(“SONAGAS”), the newly formed national gas company of Equatorial Guinea. After subsequent transfers and additional equity increases over the years, EG LNG’s current shareholders are: Marathon E.G. LNG Holding Limited (a subsidiary of Marathon Oil Corporation), with 56%; SONAGAS, with37.933%; and Marubeni Gas Development UK, Ltd., with 6.067%.
The first LNG cargo was delivered on May 24, 2007, making EG LNG one of the world's fastest LNG projects from FID to first cargo. The plant was inaugurated on October 17, 2007, by His Excellency President Teodoro Obiang Nguema Mbasogo, whose distinguished guests included the Presidents of Nigeria, Ghana and Sao Tome.
From the beginning, the company has placed emphasis on the development of National staff and the integration of Nationals into the EG LNG workforce. In addition, EG LNG has accomplished a great deal in the local community through its efforts to build national content, which includes initiatives to build capacity of local vendors and contractors
EG LNG LOGO
EG LNG is a source of national pride in Equatorial Guinea. The Company logo is based on the symbols and colors displayed on the country's flag.
The ceiba tree is the national emblem symbolizing an umbrella and the protection for all underneath it.
The six stars represent the mainland (Río Muni) and five islands (Bioko, Annobón, Corisco, Elobey Grande, and Elobey Chico) of Equatorial Guinea. The colors of the flag are blue, green, white and red, representing water, nature, peace and independence.