U.S. firm teams up with Korean player to explore energy projects in North America

U.S. firm teams up with Korean player to pursue energy projects in North America

Houston-based oil and gas producer W&T Offshore has joined forces with South Korea’s government-owned company Korea National Oil Corporation (KNOC) to investigate, assess and participate in energy-related projects in the U.S., including the ones related to building a sustainable future through the pursuit of energy transition opportunities.

Illustration; W&T Offshore

Earlier this week, W&T Offshore announced the signing of a Memorandum of Understanding (MOU) with KNOC to jointly consider and pursue various opportunities in upstream oil and gas as well as other potential joint venture opportunities along the energy value chain in North America.

Tracy W. Krohn, Chairman and Chief Executive Officer of W&T, remarked: “KNOC is a well-known and respected company in our industry and it shares our goal of being an industry leader in the future of global energy supply and security. We look forward to working with them for the mutual benefit of our respective shareholders.”

The U.S.-based company revealed on Monday that the non-binding MOU would allow both parties to collectively explore potential collaboration as it relates to technical and operational aspects of upstream oil & gas.

In addition, the deal will allow the two players to jointly evaluate and consider potential acquisitions and other new business opportunities, such as those related to the energy transition and the reduction of global carbon emissions.

Moreover, this agreement allows the two companies to leverage their respective strengths and expertise in the evaluation, future pursuit, and development of energy and other projects in North America.

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When it comes to W&T Offshore’s latest activities, it is worth reminding that the U.S. player consolidated its ownership of the recently acquired shallow-water assets in the Gulf of Mexico last month following the acquisition of remaining interests.