17:02 - 29.10.2025

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October 29, Fineko/abc.az. A new company, SOCAR Quba-Xəzəryanı LLC, has been founded, which is close to the State Oil Company of the Republic of Azerbaijan (SOCAR).

ABC.AZ informs that the company has authorized capital of 1,000 manats and is located at 121 Heydar Aliyev Avenue, Narimanov district of Baku, SOCAR Tower.

In the summer of this year, a Memorandum of Understanding was signed between SOCAR and Gran Tierra Energy Inc. The document stipulates joint research and development activities for the purpose of a feasibility study of a project for exploration, development and production of hydrocarbon potential in Guba-Caspian region.

At the same time, Gran Tierra Energy Inc. will analyze the current geological and technical data on the project, as well as the logistical and infrastructural potential. After agreeing on the exploration program and the main commercial conditions, work will be carried out to sign an agreement on the division of a share in production.