KNOC Takes Major Stake in US Shales

Korea National Oil Corp. has signed a $1.55 billion joint-venture agreement with Anadarko Petroleum Corp. for one-third of its Maverick Basin assets in southwest Texas for approximately $1.55 billion.

"We are very pleased to welcome KNOC as our partner in this development and hope we will be able to pursue other investments together in the future," Anadarko President and Chief Operating Officer Al Walker said in a statement.

Under the agreement, KNOC will get about 80,000 net acres in the oil-rich Eagle Ford shale and about 16,000 additional acres in the gas-rich Pearsall Shale.

The South Korean government said in a statement that, by cooperating with Anadarko, which has advanced technology in the area of shale oil, the country "has secured a bridgehead for more business [opportunities] in unconventional oil development in North America."

Source: Andarko Petroleum