Anadarko sales volumes from the Eagle Ford have been 46% oil, 27% natural gas liquids and 27% dry gas.

Anadarko Petroleum Corp. and a unit of Korea National Oil Corp. (KNOC) have struck a joint venture (JV) agreement that gives KNOC one-third of Anadarko’s interest in its southwest Texas Maverick Basin assets in the Eagle Ford Shale for about $1.55 billion.

Under the terms of the agreement, which is effective Jan. 1, 2011, KNOC’s investment is to be in the form of a drilling carry, funding about 100% of Anadarko’s 2011 post-closing capital costs in the basin, and up to 90% thereafter until the carry is exhausted, which is expected to occur by year-end 2013, Anadarko said.

KNOC will also reimburse Anadarko for net cash outflows, relative to its acquired interest, subsequent to the effective date, which are expected to be about $50 million. In exchange, KNOC will receive about 80,000 net acres in the liquids-rich Eagle Ford and about 16,000 additional prospective net acres for the deeper dry-gas Pearsall Shale, as well as Pearsall opportunities underlying the Eagle Ford acreage.

“This transaction demonstrates the substantial embedded value of our Eagle Ford acreage position assembled primarily in the higher-margin condensate window of the play, while further enhancing our capital efficiency in a tax-effective manner,” said Anadarko CEO Al Walker.

Anadarko shares closed up more than 3.5% Monday at $79.98 after getting as high as $80. The stock’s 52-week high is $82.92.

Anadarko sales volumes from the Eagle Ford have been 46% oil, 27% natural gas liquids and 27% dry gas. Spokesman John Christiansen said it is hard to say if a further shift toward oil is down the road. “I think we still have a lot of activity and drilling to do,” he said.

“I think if you look geographically where we’re located, the acreage position that we’ve amassed we believe is right in the heart of that gas condensate window with a little bit spilling over into what’s considered the oil window of the Eagle Ford Shale. Geographically we have a great position…in regards to the higher-margin liquids yields.”

The deeper dry gas in the Pearsall is “something that’s down the road,” Christiansen said. “We don’t have any active rigs right now pursuing the Pearsall opportunities.”

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