Baku:President Ilham Aliyev has given his approval to a significant Production Sharing Agreement for the Guba-Caspian region.
According to Azeri-Press news agency, the approved law, titled “On the Adoption and Approval of the Agreement on Exploration, Development and Production Sharing for the Area Covering Certain Parts of the Guba, Gusar, Shabran, Siyazan and Khizi Districts of the Republic of Azerbaijan (Guba-Caspian),” outlines the collaboration between the State Oil Company of the Republic of Azerbaijan, Gran Tierra Energy (Azerbaijan) GmbH, and SOCAR Guba-Caspian LLC.
The agreement aims to facilitate exploration, development, and production activities within these districts, and President Aliyev’s approval authorizes its implementation.