SOCAR and U.S.-based Comstock sign $1.65 billion deal
The State Oil Company of Azerbaijan (SOCAR) and the U.S.-based Comstock signed a final purchase and sale agreement on November 4, under which SOCAR acquires (without the right to participate in operational management) a 20% participating interest in the upstream assets of the Legacy Haynesville project, a 15% participating interest in the upstream assets of the Western Haynesville project, as well as 15% out of the 73% participating interest held by Comstock in Pinnacle Gas Services LLC.
This is stated in a report by SOCAR.
«Under the agreement, the total value of the transaction amounts to 1.65 billion U.S. dollars, subject to the application of standard adjustments to the purchase price. SOCAR's participating interest in the exploration and production assets of the Western Haynesville project will be reduced to 7.5% after five years and once SOCAR has received a 15% return on the investments made in these assets.
July 1, 2026 has been set as the effective date of the transaction.
To complete the transaction, consents are being obtained from the relevant state authorities and other legal procedures are being carried out in accordance with the legislation», the report says.
