SOCAR, Gran Tierra Energy sign PSA for onshore field in Azerbaijan

BAKU. Feb 19 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) and the Canadian company Gran Tierra Energy Inc. have signed an agreement for exploration, development and production sharing for a prospective onshore block located in the Guba-Caspian region of Azerbaijan, SOCAR said.

The document was signed by SOCAR President Rovshan Najaf and the president and chief executive officer of Gran Tierra Energy Inc., Gary Guidry. According to the terms of the agreement, Gran Tierra Energy Inc., acting as the project operator, will have a 65% participating interest.

"The exploration program includes the collection of gravimetric data, conducting 3D seismic surveys, and drilling exploration wells aimed at identifying the hydrocarbon potential of the contract area," SOCAR said.

The agreement will enter into force after its ratification by the Azerbaijani parliament.

As reported, SOCAR and Gran Tierra Energy signed a memorandum of understanding in June 2025. The document provided for conducting joint studies for the technical and economic evaluation of the project for exploration, development and production of hydrocarbons in the Guba-Caspian region.

In addition, Gran Tierra Energy will analyze the existing geological and technical data on the project, as well as the logistical and infrastructural potential.

Gran Tierra Energy Inc., headquartered in Calgary, Canada, is currently engaged in the exploration and production of oil and natural gas in Canada, Colombia and Ecuador.