The State Oil Company of Azerbaijan (SOCAR) and US-based Comstock Resources have signed a definitive purchase and sale agreement for SOCAR to acquire minority stakes in several US natural gas assets, with the total transaction value set at $1.65 billion. The agreement was signed on November 4, 2026, and covers the acquisition of a 20% interest in the upstream assets of the Legacy Haynesville project and a 15% interest in the upstream assets of the Western Haynesville project. The deal also includes SOCAR's acquisition of a 15% stake in the 73% interest held by Comstock in Pinnacle Gas Services LLC.
The acquired interests will not grant SOCAR the right to participate in the operational management of the assets. Under the agreement, the total transaction value amounts to $1.65 billion, subject to customary purchase price adjustments. SOCAR's participating interest in the exploration and production assets of the Western Haynesville project will be reduced to 7.5% after five years, provided the company has achieved a 15% return on its investment in those assets.
The effective date of the transaction has been set for July 1, 2026. The parties are currently working to obtain the necessary approvals from relevant government authorities and complete other legal procedures in accordance with applicable legislation before the transaction can be finalized. Here we are to serve you with news right now.
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