Gran Tierra Energy registers local branch in Azerbaijan

The State Tax Service under the Ministry of Economy has registered the local branch of Gran Tierra Energy (Azerbaijan) GmbH in Azerbaijan, Report informs.

The branch's legal address is 69E Uzeyir Hajibeyov Street, Sabail district, Baku. Its legal representative is Colombian citizen Hector Enrique Villalobos Herrera.

On February 18 this year, the State Oil Company of Azerbaijan (SOCAR) and Canada's Gran Tierra Energy Inc. signed a Production Sharing Agreement (PSA) for an onshore prospective area in the Guba-Caspian coastal region.

The agreement was signed by the presidents of the two companies, Rovshan Najaf and Gary Guidry.

Under the terms of the agreement, Gran Tierra Energy Inc. will serve as the project operator and hold a 65% participating interest.

The geological exploration program includes gravity data collection, 3D seismic surveys and the drilling of exploration wells to identify the hydrocarbon potential of the contract area.

On June 10, the Cabinet of Ministers approved the guarantees and obligations of the Azerbaijani government related to the agreement. On September 30, the document was ratified by the Milli Majlis, Azerbaijan's parliament.

The agreement designates SOCAR's subsidiary, SOCAR Guba-Caspian LLC, as the company representing SOCAR's interests in the project.

The company was established on October 3 last year with a charter capital of 1,000 manats. Its legal representative is Elnur Aghataghiyev.