W&T Offshore Announces Signing of MOU for Strategic Collaboration with Korea National Oil Corporation
Rhea-AI Summary
W&T Offshore (NYSE: WTI) has signed a non-binding Memorandum of Understanding (MOU) with Korea National Oil Corporation (KNOC) to explore joint opportunities in the upstream oil and gas sector and other energy projects in North America. This collaboration will focus on operational and technical strengths, potential acquisitions, and initiatives aimed at energy transition and carbon emission reduction. CEO Tracy W. Krohn expressed optimism about this strategic agreement, highlighting its potential to enhance value for shareholders by combining the expertise of both companies.
Positive
- The MOU allows WTI and KNOC to explore joint opportunities in upstream oil and gas, potentially enhancing operational efficiency.
- Collaboration may lead to new business ventures focusing on energy transition and carbon reduction, aligning with industry trends.
Negative
- None.
News Market Reaction – WTI
On the day this news was published, WTI declined 3.15%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, May 02, 2022 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced the signing of 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. 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.
Tracy W. Krohn, Chairman and Chief Executive Officer of W&T, commented, “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.”
About W&T Offshore
W&T Offshore, Inc. owns and operates upstream oil and gas assets in North America, with nearly 40 years of operational expertise focused in the Gulf of Mexico and U.S. Gulf Coast. As of December 31, 2021, the Company had working interests in 43 fields in federal and state waters and has under lease approximately 606,000 gross acres, including approximately 419,000 gross acres on the Gulf of Mexico Shelf and approximately 187,000 gross acres in the Gulf of Mexico deepwater. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
About Korea National Oil Corporation
KNOC is the government owned national oil and gas company of South Korea and one of the most important energy and industrial companies in Korea. KNOC is actively engaged in oil development projects all over the world to ensure a stable supply of oil. Currently, KNOC is participating in 31 promising oil development projects in 17 countries (including 5 in Korea).
| CONTACT: | Al Petrie | Brent Collins |
| Investor Relations Coordinator | Director, Investor Relations | |
| apetrie@wtoffshore.com | investorrelations@wtoffshore.com | |
| 713-297-8024 | 713-624-7364 |
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