SOCAR signs Guba Caspian deal with Gran Tierra

Azerbaijan’s state oil company SOCAR has signed a Production Sharing Agreement (PSA) with Gran Tierra Energy Inc. covering an onshore prospective area in the country’s Guba–Caspian region.

The agreement was signed by SOCAR President Rovshan Najaf and Gran Tierra Energy President and CEO Gary Guidry, News.Az reports, citing SOCAR.

Under the terms of the deal, Gran Tierra Energy will act as the project operator and hold a 65% participating interest in the venture.

The planned geological exploration program includes the collection of gravimetric data, the acquisition of 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 Azerbaijan’s Milli Majlis (parliament).

News.Az 

By Aysel Mammadzada