Azerbaijan has facilitated the advancement of Gran Tierra Energy Inc.'s exploration programs in the Guba-Khachmaz onshore area by approving the exploration, development, and production sharing agreement (EDPSA). This agreement was signed on February 18, 2026, between Gran Tierra and the State Oil Company of Azerbaijan Republic (SOCAR).
Details of the Agreement and Its Approval
The approval of this agreement by the National Assembly of Azerbaijan (Milli Majlis) will support Gran Tierra's plans for the exploration and development of oil and gas resources in this area. Gary Guidry, President and CEO of Gran Tierra, thanked SOCAR and the government of Azerbaijan for their cooperation in this process, stating, "We appreciate their hard work and commitment in passing this bill in the first session of the fall session."
Gran Tierra's Exploration Plans
Gran Tierra has also conducted a complete digital tensor gravimetry survey (dFTG) over the contract area. The company has flown 102 lines with a total of 5,775 kilometers of line and covered an area of approximately 4,815 square kilometers. This survey is designed to determine the geometry of sedimentary basins and fault-related structures that may contain oil and gas resources in the Guba-Khachmaz region.
Gran Tierra plans to combine the results of the dFTG with existing data from seismic and exploratory wells to identify suitable areas for future explorations and optimize drilling site evaluations. This process will help the company consider the best practices for resource development and improve advanced exploratory processes.
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