Marathon Oil talks up $1 billion earning potential of ‘ugly duckling’ African gas assets

US independent Marathon Oil’s liquefied natural gas plant in Equatorial Guinea, the ugly duckling in a portfolio dominated by US shale, could soon become its golden goose with the potential to generate more than $1 billion in profits in 2024.

As with many US players that quit Africa over the past decade to instead invest in prolific US shale plays, Marathon did the same, begrudgingly holding onto operating stakes in two prime assets in Equatorial Guinea — the offshore Alba gas field and the EG LNG plant on Bioko Island.