SOCAR, Canada’s Gran Tierra Energy Inc company sign MoU

The State Oil Company of Azerbaijan (SOCAR) and Canada’s Gran Tierra Energy Inc. signed a Memorandum of Understanding on the sidelines of the 30th Anniversary International Caspian Oil and Gas Exhibition held as part of Baku Energy Week.

The document envisages joint research work to carry out a feasibility and economic assessment of a hydrocarbon exploration, development and production project in the Guba-Caspian region.

Gran Tierra Energy Inc. will analyze the available geological and technical data on the project, as well as its logistics and infrastructure potential. Following the agreement on geological exploration program and basic commercial terms, progress will be made towards the signing of a Production Sharing Agreement.