Canada’s Gran Tierra Energy plans to make Azerbaijan and Canada its primary operating markets after completing the $1.33 billion sale of its businesses in Colombia and Ecuador to Maurel & Prom.
The strategic shift elevates Azerbaijan from a new exploration venture to one of the company’s two principal operating regions. Gran Tierra is already carrying out preparatory work on the onshore Guba-Khachmaz oil and gas block under an agreement with SOCAR.
The exploration, development and production-sharing agreement was signed on February 18, 2026, and later ratified by Azerbaijan’s parliament. Gran Tierra is the operator and holds a 65% working interest.
Five-Year Exploration Period
The agreement provides for a five-year exploration and appraisal phase. If commercially viable discoveries are made, development would run for 25 years, with the possibility of a five-year extension.
Gran Tierra has conducted a digital full-tensor gravity gradiometry survey covering 102 flight lines totaling about 5,780 kilometers across roughly 4,820 square kilometers. The data will help select areas for seismic work and future exploration and appraisal drilling.
The company has not announced a commercial discovery or the start of production in Azerbaijan; the project remains in the exploration stage.
Sources: Report.az, Reuters, Gran Tierra Energy and the original Russian-language report on Vesti Baku.