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SOCAR signed a final contract with Comstock worth $1.65 billion
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On November 4, the State Oil Company of Azerbaijan (SOCAR) and Comstock concluded a definitive agreement for SOCAR's acquisition of participating interests in the assets of three projects: 20% in the upstream assets of Comstock Legacy Haynesville, 15% in the upstream assets of Western Haynesville, and 15% of Comstock's 73-percent stake in Pinnacle Gas Services LLC.
As reported by BAKU.WS with reference to SOCAR's press service, the total value of the deal, including standard purchase price adjustments, will amount to $1.65 billion. SOCAR plans to take appropriate measures to finance the deal.
In addition, it is stipulated that SOCAR's 15-percent stake in Western Haynesville assets will be reduced to 7.5% in accordance with the established conditions after achieving a 15-percent return on investment in these assets.
The effective date of the deal is set for July 1, 2026.
The deal requires approval from the relevant government authorities and completion of other legal procedures in accordance with the law.
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