The agreement provides the Korea National Oil Corporation roughly a one-third interest in Anadarko’s holdings in the Eagle Ford Shale formation of southwest Texas.
John Christiansen, a spokesman for Anadarko, says this could be the first of several joint ventures with the South Korean state oil company.
“They do have an appetite to learn about shale development, and they also have an appetite to partner in other parts of the world.”
Christiansen says South Korea’s interest in extracting gas and oil from shale is much the same as the U.S.
“You have a lot of potential to offset the need to import a lot of the energy that the United States currently is, and obviously there will be parts of the world where those technologies and expertise can be transferred.”
This is the second such joint venture for Anadarko in as many years. Last year, it inked a similar deal with Japan’s Mitsui to develop Anadarko’s holdings in Pennsylvania’s Marcellus Shale.