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.”