SOCAR and Canada’s Gran Tierra Energy Inc. have signed an Exploration, Development and Production Sharing Agreement for a promising onshore area in the Guba-Caspian region of the Republic of Azerbaijan.
According to “Elchi”, the document was signed by SOCAR President Rovshan Najaf and Gran Tierra Energy Inc. President and Chief Executive Officer Gary Guidry.
Under the terms of the agreement, Gran Tierra Energy Inc., which will act as the operator of the project, will have a 65% participating interest. The geological exploration work program includes the collection of gravimetric data, 3D seismic surveys and the drilling of exploration wells aimed at identifying the hydrocarbon potential of the contract area.
The agreement will enter into force after ratification by the National Assembly of the Republic of Azerbaijan.
