CommoditiesMedium•6 October 2026•
1 min read
Azerbaijan Ratifies Gran Tierra-SOCAR Production Sharing Agreement
Key Facts
1The Azerbaijani parliament ratified the production sharing agreement for the onshore Guba-Khazaryani area between Gran Tierra Energy and SOCAR.
2The agreement allows Gran Tierra to proceed with exploration and potential development of oil and gas resources in the contract area.
The Azerbaijani parliament ratified the production sharing agreement for the onshore Guba-Khazaryani area between Gran Tierra Energy and SOCAR. IndexBox reported that the agreement allows Gran Tierra to proceed with exploration and potential development of oil and gas resources in the contract area, following an initial pact signed in February 2026.
GTE closed at $10.48 on October 5, 2026, as the legislative approval provides the necessary legal framework to move the project into the execution phase. This milestone enables Gran Tierra to evaluate hydrocarbon potential in the region after completing an airborne digital survey designed to identify structures that might trap oil and gas.