News•Feb 23, 2026
Azerbaijan Signs up Canada Player for Major Exploration Effort
State oil company Socar has signed an exploration, development and production‑sharing agreement with Canadian firm Gran Tierra Energy for a 1,600 km² on‑shore block in Azerbaijan’s Guba‑Khazaryani area. Gran Tierra will hold a 65 % operating stake while Socar retains 35 %, with a five‑year exploration schedule followed by up to 25 years of development. The deal mirrors Socar’s earlier partnership with Hungary’s MOL in the Shamakhi‑Gobustan region, signaling a broader push to tap untapped on‑shore resources near historic Caspian fields.
