Comstock Resources and Azerbaijan’s state energy company SOCAR have signed a framework agreement for a planned $1.65 billion partnership in the Haynesville shale-gas basin. The companies plan to negotiate a definitive purchase agreement by 31 October, so no investment has yet been completed.
The arrangement could give SOCAR a route into US natural gas near Gulf Coast liquefied natural gas export facilities. Comstock could gain a source of capital and an international partner for its gas assets in Louisiana and East Texas.
What a framework agreement means
A framework agreement records the terms parties intend to pursue. A definitive purchase agreement would set out the assets, payment terms, conditions and obligations for a transaction.
Comstock said the companies expect to sign the definitive agreement no later than 31 October and to close by the end of 2026. Both dates are targets that remain subject to negotiations, approvals and other conditions.
The $1.65 billion is the announced scale of the proposed partnership, not cash already received. Comstock said the final agreement might not be signed and a transaction might not close on the announced timetable or terms.
Gas close to LNG export facilities
The Haynesville covers north Louisiana and east Texas. Its location close to Gulf Coast terminals can matter for LNG exports: natural gas is chilled into a liquid for shipping and returned to gas at its destination.
Comstock and SOCAR said they will assess whether SOCAR can market gas linked to Comstock’s interest as LNG outside the United States. They have not announced a supply contract. Customers, pricing, shipping arrangements and regulatory requirements would still need to be agreed.
Commercial terms will decide the outcome
SOCAR operates across oil, gas, refining, trading and distribution. A US gas investment could widen its exposure to a market that supplies domestic demand and LNG exports.
We recently reported on how the Middle East energy shock has increased both renewable investment and short-term fossil-fuel safeguards. The proposed deal comes while buyers are again weighing the security and cost of gas supplies.
Comstock’s next disclosed step is the planned definitive agreement. The terms set out there will show how capital, assets, LNG marketing rights and risks would be shared.
