Azerbaijan's state oil company SOCAR has signed a $1.65 billion deal to buy into US natural gas.
Azerbaijan's state oil company SOCAR has signed a $1.65 billion deal to buy into US natural gas.
The definitive agreement, signed on November 4 with Comstock Resources, gives SOCAR a 20% non-operated stake in the Legacy Haynesville fields and 15% in the Western Haynesville fields in Louisiana and East Texas, plus 15% of Comstock's stake in the Pinnacle gas gathering business. Comstock stays as operator, and the deal is set to close by the end of the year.
It is SOCAR's biggest step yet into the US energy market, and the commercial logic is clear: Haynesville gas sits close to Gulf Coast LNG terminals, so the partnership opens a path to selling American gas abroad as LNG.
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