Gran Tierra Secures 65% Stake in 400,000-Acre Azerbaijan Oil Concession
Gran Tierra Energy holds a 65% working interest and operates a concession in Azerbaijan’s Guba-Khazaryani region, spanning a 65km structure that produced over 100 million barrels of oil and 200 billion cubic feet of gas. The five-year exploration phase covers four wells, 500km² of 3D seismic and airborne gravity surveys.
1. SOCAR EDPSA and Operating Stake
Gran Tierra Energy signed an exploration, development and production sharing agreement with SOCAR through its fully owned subsidiary, granting a 65% working interest and operatorship over a 400,000-acre concession in Guba-Khazaryani, Azerbaijan, pending legislative and regulatory approval.
2. Proven Reservoir and Production History
The contract area surrounds a 65km structure that has historically yielded more than 100 million barrels of oil and over 200 billion cubic feet of natural gas, indicating significant development potential within the onshore basin.
3. Five-Year Exploration and Appraisal Program
The five-year exploration phase is split into a three-year segment for an airborne gravity survey, two well drills and 250km² of 3D seismic acquisition, followed by a two-year segment with two additional wells and another 250km² of seismic data collection.
4. Financing and Strategic Importance
Gran Tierra plans to finance the airborne study this year and seismic surveys with operating cash flow, with drilling targeted for 2027, aligning with its capital-efficient growth strategy and expanding its footprint in a key hydrocarbon province linked to European energy security.