Comstock and SOCAR sign framework agreement to advance $1.65B Haynesville partnership
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Comstock Resources, Inc. and Azerbaijan’s state oil company, SOCAR, have formalized a framework agreement to progress their $1.65 billion strategic partnership in the Haynesville shale.
This agreement establishes a commitment to finalize a definitive purchase and sale agreement based on their previously announced letter of intent. Comstock plans to execute the definitive agreement by October 31, with the deal projected to close by the end of 2026.
Through this partnership, SOCAR will invest $1.65 billion in Comstock’s Haynesville shale assets. The move broadens SOCAR’s footprint in a major U.S. natural gas region that serves as a vital supply source for Gulf Coast LNG exports.
Additionally, the two companies intend to explore avenues for SOCAR to market Comstock’s share of Haynesville natural gas as LNG in overseas markets. This will involve assessing potential international buyers, pricing mechanisms, logistics, and regulatory requirements.
According to the companies, this collaboration strengthens the enduring energy relationship and oil and gas cooperation between the United States and Azerbaijan.
