Texas-based energy company Marathon Oil Corporation has signed a five-year liquified natural gas (LNG) sales agreement with Glencore Energy UK, a subsidiary of Glencore PLC.
Effective 1st January 2024, the agreement will see Marathon supply Glencore with LNG from the Alba Field in Equatorial Guinea. Marathon owns a 64% operating working interest in the project.
The pricing structure for the LNG sales agreement is linked to the Dutch Title Transfer Facility index, less a fixed transportation fee. This will provide Marathon Oil with incremental exposure to the European LNG market.
Lee Tillman, Chairman, President and CEO of Marathon, said he is excited to announce the new sales agreement linked to the European LNG market.
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