U.S.-based W&T Offshore and S. Korea's KNOC Pen Collaboration Deal

Monday, May 2, 2022

U.S. Gulf of Mexico focused oil and gas company W&T Offshore has signed a Memorandum of Understanding (“MOU”) with Korea National Oil Corporation (“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.

"This non-binding MOU allows both parties to collectively explore potential collaboration as it relates to technical and operational aspects of upstream oil & gas and as well as jointly evaluate and consider potential acquisitions and other new business opportunities that both parties agree to be of interest, such as opportunities related to energy transition and the reduction of global carbon emissions," W&T Offshore said.

"The agreement allows the companies to leverage their respective strengths and expertise in the evaluation and the future pursuit and development of energy and other projects in North America," the company added.

Tracy W. Krohn, Chairman and Chief Executive Officer of W&T, said: “We are pleased to announce this strategic agreement with Korea National Oil Corporation that will allow both companies the chance to jointly consider attractive opportunities that can be made even more successful by combining our strengths and working together. 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.”

Categories: Energy Industry News Activity Asia North America Gulf of Mexico

Related Stories

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

US Pressure on India Could Propel Russia's Shadow Oil Exports

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Current News

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com