State oil company SOCAR and Canadian Gran Tierra Energy Inc signed a memorandum of understanding on the sidelines of the Baku Energy Week, “Caspian Energy Media” reports, citing SOCAR.
The document provides for joint research work aimed at technical and economic assessment of the project for exploration, development and production of hydrocarbon potential in the Guba-Caspian region.
Gran Tierra Energy Inc. will analyze geological and technical data for the project, as well as logistical and infrastructure potential.
After agreeing on the exploration program and the main commercial terms, a Production Sharing Agreement will be signed.
