SOCAR and Gran Tierra Energy Inc. signed an agreement

The State Oil Company of Azerbaijan (SOCAR) and Gran Tierra Energy Inc. have signed an Exploration, Development and Production Sharing Agreement for a prospective onshore block located in the Guba-Caspian region of Azerbaijan.

This was reported by SOCAR.

The document was signed by SOCAR President Rovshan Najaf and President and Chief Executive Officer of Gran Tierra Energy Inc. Gary Guidry.

Under the terms of the agreement, Gran Tierra Energy Inc., which will act as the project operator, will receive a 65% participating interest. The exploration program includes gravity data acquisition, 3D seismic surveys, and drilling of exploration wells aimed at identifying the hydrocarbon potential of the contract area.

The agreement will come into force after ratification by the Milli Majlis.