Anadarko Petroleum, the independent oil and natural gas producer, announced that it will sell almost one-third of its interest in the Maverick Basin in the Eagle Ford Shale in South Texas to Korea National Oil, South Korea's state-run oil producer, for $1.55 billion.
The deal is the second-largest sale of U.S. shale assets thus far in 2011 following BHP Billiton's (BHP) $4.75 billion purchase of shale assets in Arkansas from Chesapeake Energy (CHK), the second-largest U.S. natural gas producer.
Texas-based Anadarko (APC) sold Marcellus Shale assets last year to Japan's Mitsui for $1.5 billion. The Korea National stake includes 80,000 net acres in the Eagle Ford shale that produce 75% oil, and 16,000 acres in the Pearsall Shale that produce gas, according to Bloomberg News.
Anadarko's interest in the Eagle Ford block will be pared to 47.3% from 71% once the deal is completed. The shale block in Texas holds the equivalent of 491 million barrels of oil and is producing 28,000 barrels a day, Bloomberg reported, citing South Korea's Ministry of Knowledge Economy.