Other investors include Riverstone Holdings and Access Industries.
The stake of each partner or the investments in the new EP Energy, has not been disclosed, though it is expected to be revealed by the end of June this year.
EP Energy has assets spread throughout the US including fields in Egypt and the deep waters off Brazil, according to DowJones Newswires.
KNOC expects the transaction will allow it to help South Korea meet the growing energy demands.
In February, the consortium declared a $7.15bn deal to acquire El Paso’s exploration-and-production business from Kinder Morgan, though the involvement of KNOC wasn’t revealed.
El Paso has revealed plans last year to spin off EP Energy as a separate public company from its pipeline business, and was acquired by Kinder Morgan for $21.1bn in November.
