An Exploration, Development and Production Sharing Agreement (EDPSA) was signed between State Oil Company of Azerbaijan (SOCAR) and Gran Tierra Energy Inc. covering an onshore prospective area in the Guba–Khazaryani region of Azerbaijan, Report informs, citing SOCAR.
The agreement was signed by Rovshan Najaf, President of SOCAR, and Gary Guidry, President and Chief Executive Officer of Gran Tierra Energy Inc.
Under the terms of the agreement, Gran Tierra Energy Inc. will hold a 65% working interest and act as the operator. The exploration work program includes the acquisition of airborne gravity data, 3D seismic surveys, and the drilling of exploration wells aimed at unlocking the hydrocarbon potential of the contract area.
The agreement will enter into force following its ratification by the Parliament of the Republic of Azerbaijan.