SOCAR, Canada's Gran Tierra launch strategic onshore energy project

The State Oil Company of the Azerbaijan Republic (SOCAR) and Canada’s Gran Tierra Energy Inc. have signed an agreement for the exploration, development, and production sharing of a prospective onshore block in Azerbaijan’s Guba–Caspian region.

The agreement was signed by SOCAR President, Rovshan Najaf, and Gran Tierra Energy’s President and Chief Executive Officer, Gary Guidry, Caliber.Az reports, citing the state oil company.

Under the terms of the deal, Gran Tierra Energy will act as the project operator and hold a 65% participating interest. The geological exploration program will include the acquisition of gravimetric data, 3D seismic surveys, and the drilling of exploratory wells to assess the hydrocarbon potential of the contract area.

SOCAR noted that the agreement is subject to ratification by Azerbaijan’s Milli Majlis (Parliament), before it formally comes into force.

By Vafa Guliyeva