Equatorial Guinea LNG delivers 24 cargoes in 2007

Thursday, 31 January 2008

EG LNG, whose gas marketer is BG Group of the UK, only went into production in May 2007 and its flow of cargoes into the Atlantic basin was hit by a plant shutdown during much of the fourth quarter.

The company revealed the cargo numbers as it released fourth-quarter results. Marathon’s gas segment posted income of $49 million in the fourth quarter and $132M for the full year, compared with a loss of $7M and income of $16M in the comparable periods of 2006.

During 2007, the increase in segment income was due to the fact that the EG Train 1 facility began production, Marathon said. The Houston-based company holds a 60 percent stake in EG LNG.

Following a shut-in for the repair of a minor leak, the EG Train returned to normal operations in mid-November and has since produced at 92 percent of the 3.7 million  tonnes per annum nameplate capacity, Marathon said.