Marathon Oil Corporation announced that it has achieved first gas production through its new Alba B3 offshore compression platform off Equatorial Guinea. Production from the B3 platform allows Marathon Oil to convert approximately 130 million barrels of oil equivalent of proved undeveloped reserves, more than doubling the Company's remaining proved developed reserve base in EG.

"The Alba B3 compression project will allow us to maintain plateau production for the next two years, mitigating base decline, while extending the Alba Field's life by up to eight years," said Mitch Little, Vice President—Conventional.

"I want to highlight that the platform was completed on time and within budget, reflecting strong project management and a close collaboration with the operations team in EG. My congratulations go out to our employees and our international and Equatoguinean business partners who made this success possible."

Execution of the Alba B3 compression project involved engineering and construction in four countries with Heerema Fabrication Group (HFG) serving as the general contractor. An Equatoguinean construction firm fabricated both the platform flare and bridge structures as part of Marathon Oil's commitment to building local capacity within the country.

Marathon Oil's wholly owned subsidiary Marathon E.G. Production Limited holds an approximately 65 percent working interest in the Alba Field and is the operator, while Noble Energy, Inc. owns approximately 35 percent.

About Marathon Oil Corporation

Marathon Oil Corporation (NYSE: MRO) is a global exploration and production company. Based in Houston, Texas, the Company had net proved reserves at the end of 2015 of 2.2 billion barrels of oil equivalent in North America, Europe and Africa.