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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