Canadian energy firm to launch oil exploration in northern Azerbaijan
Nazrin Abdul
Read moreSOCAR and Gran Tierra Energy Inc. have signed a Production Sharing Agreement (PSA) covering a prospective onshore area in Azerbaijan’s Quba–Caspian region, AzerNEWS reports, citing the Company.
According to information, the agreement was signed by SOCAR President Rovshan Najaf and President and CEO of Gran Tierra Energy Inc., Gary Guidry.
Under the terms of the agreement, Gran Tierra Energy will act as the project operator with a 65% participating interest. The geological exploration work program includes gravimetric data acquisition, 3D seismic surveys, and the drilling of exploration wells aimed at assessing the hydrocarbon potential of the contract area.
The agreement will enter into force following ratification by the National Assembly of Azerbaijan. On June 2, 2025, as part of the Baku Energy Week, SOCAR signed memorandum with the Canadian company on this site.
It should be noted that Gran Tierra Energy Inc. is an independent, Calgary-based energy company focused on oil and natural gas exploration and production, with1.5+ million gross acres across 25 blocks in Colombia and Ecuador, plus significant acreage in Canada. The company focuses on conventional, under-explored basins to maximize shareholder value and production.
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