Harvest Operations, Canada-based subsidiary of the KNOC, and STX Energy signed the agreement at the STX Namsan Tower in central Seoul on Nov. 27.
Under the accord, the two parties will also work together for the development and marketing of shale gas, and the operation, maintenance and management of shale gas production facilities. Shale gas is natural gas formed from being trapped within shale formations.
They said that the completion of delivery infrastructure will enable them to import 500,000 barrels of natural gas liquid and 800,000 barrels of crude oil from Canada per month on a regular basis.
STX Energy said the agreement will serve as an occasion to help raise the profitability of its Maxhamish gas field in northeastern British Columbia of Canada.
In a long-term perspective, the company said, the accord will help reduce the cost of fuel used to generate electricity in the country.
Currently, STX Energy runs about 120 oil and gas wells in the Maxhamish oil field.
reporter
Park Sae-jin
swatchsjp@ajunews.com