SOCAR and Gran Tierra Energy ink memo

On the sidelines of the Baku Energy Week, a Memorandum of Understanding was signed between the State Oil Company of Azerbaijan (SOCAR) and Gran Tierra Energy Inc, Report informs, citing SOCAR.

The document envisages joint research work for the purpose of technical and economic assessment of the project for the exploration, development and production of hydrocarbon potential in the Guba-Caspian region.

At the same time, Gran Tierra Energy Inc. will analyze the existing geological and technical data on the project, as well as its logistics and infrastructure potential. After the geological exploration program and the main commercial terms are agreed, work will be carried out to sign the Production Sharing Agreement.

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