Baku:SOCAR has entered into a definitive purchase and sale agreement to acquire significant assets from Comstock, valued at $1.65 billion.

According to Azeri-Press news agency, the agreement, signed on November 4, 2026, involves SOCAR acquiring non-operated working interests in various Comstock assets. This includes 20% of Comstock's interest in its Legacy Haynesville upstream assets, 15% of its Western Haynesville upstream assets, and 15% of Comstock's 73% interest in Pinnacle Gas Services LLC.

The transaction, set to be effective from July 1, 2026, requires SOCAR to pay an aggregate cash purchase price of $1.65 billion, subject to customary purchase price adjustments. Additionally, SOCAR's interest in the Western Haynesville upstream assets is set to reduce to 7.5% after five years, contingent on achieving a 15% return on investment.

To finalize the transaction, necessary governmental approvals and other legal procedures are being pursued in accordance with applicable legislation.