BAKU, Azerbaijan, February 19. The State Oil Company of Azerbaijan (SOCAR) has signed an Exploration, Development, and Production Sharing Agreement with Gran Tierra Energy Inc. for an onshore prospective area in Azerbaijan's Guba-Caspian region, Trend reports via SOCAR.
The agreement was signed by SOCAR President Rovshan Najaf and Gran Tierra Energy Inc. President and CEO Gary Guidry. Under the terms, Gran Tierra Energy Inc. will act as the project operator and hold a 65% stake. The exploration initiative will encompass gravimetric data acquisition, three-dimensional seismic assessments, and the drilling of exploratory wells to evaluate the hydrocarbon potential within the designated contract zone.
The agreement will enter into force following ratification by the Azerbaijani Parliament.
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