SOCAR Inks $1.65 Billion Strategic Gas Deal with US Comstock Resources

State Oil Company of Azerbaijan Republic (SOCAR) has signed a Letter of Intent to establish a strategic partnership with US-based Comstock Resources, Inc., entering key shale gas plays in North America.

Under the agreement, SOCAR will acquire a 20% stake in Comstock's Legacy Haynesville upstream assets, a 15% stake in Western Haynesville upstream assets, and a 15% interest in Comstock’s 73% holding in Pinnacle Gas Services LLC. The transaction is valued at $1.65 billion, subject to standard closing adjustments.

Definitive agreements are targeted for signing by October 31, 2026, with closing anticipated by December 31, 2026, pending regulatory and third-party approvals. Comstock will retain operatorship across all upstream and midstream assets, while both companies will collaborate to expand the international market reach of US natural gas.

N.Tebrizli