Baku: SOCAR and Gran Tierra Energy Inc. have formalized an Exploration, Development and Production Sharing Agreement (EDPSA) for an onshore prospective area in the Guba-Khazaryani region of Azerbaijan. The agreement marks a significant collaboration between the State Oil Company of Azerbaijan Republic (SOCAR) and the international oil and gas company Gran Tierra Energy Inc.
According to Azeri-Press News Agency, the agreement was signed by Rovshan Najaf, President of SOCAR, and Gary Guidry, President and CEO of Gran Tierra Energy Inc. The terms of the agreement grant Gran Tierra Energy Inc. a 65% working interest, with the company also serving as the operator for the project.
The exploration work program under the agreement involves several key activities, including the acquisition of airborne gravity data, conducting 3D seismic surveys, and the drilling of exploration wells. These efforts are aimed at assessing the hydrocarbon potential of the designated contract area in the Guba-Khazaryani region.
The agreement is set to become effective once it receives ratification from the Parliament of the Republic of Azerbaijan, signaling a step forward in the region’s energy exploration initiatives.