Marathon Receives Feedback from Symphony Open Season
Marathon Oil Company announced the results of the company's recently completed Symphony North Sea natural gas pipeline open season that began in May of this year.
Marathon received expressions of interest from prospective gas shippers totaling 17 billion cubic meters per year of term transportation capacity (1.65 billion cubic feet per day). This positive feedback indicates a clear market signal in favor of new pipeline infrastructure in the North Sea to meet the UK's expected gas supply shortfall.
Based upon these open season results and preliminary interest shown by Norwegian parties, Marathon will now enter a second phase of discussions with these interested parties to determine how best to supply UK gas demand.
Announced in February of this year, the Symphony Pipeline project is a component of Marathon's integrated gas strategy. The project is designed to help meet the UK's growing demand for natural gas with the abundant supplies from Norway by capitalizing on the midstream value, efficiency, and flexibility that the Brae/Miller complex is able to add to the UK/Norway offshore gas pipeline grid.