Korea National Oil Corporation (KNOC) is acquiring a one-third interest in Anadarko Petroleum’s south Texas oil and gas fields in a deal valued at $1.55 billion, Financial Times reports. KNOC will pay for all of Anadarko’s 2011 capital costs in the Maverick Basin assets as per the deal. Later on, KNOC will also make a payment of 90% of Anadarko’s costs until the funds are spent, expected to happen at year-end 2013. The transaction is expected to close in the second quarter of 2011. Jefferies & Company and Deutsche Bank Securities advised Anadarko on the deal.
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