Penspen signed the contract with AGRI LNG, a group representing the national oil and gas companies in Romania, Azerbaijan, Georgia and Hungary. The contract calls for an examination of the aspects surrounding the Azerbaijan-Georgia-Romania- Hungary Natural Gas Interconnector Project, dubbed AGRI.
AGRI is meant to transport and market natural gas from Azerbaijan to central Europe through liquefaction and regasification points along the coasts of Georgia and Romania.
Michael Simm, director of onshore projects for Penspen, said AGRI could play an important role in the so-called Southern Corridor, a network of natural gas projects meant to bring diversity to a European market that relies on Russian gas.
"AGRI has the potential to open the way for Azerbaijani gas exports into Central Europe and we look forward to supporting this important project," he said in a statement.
The Romanian, Azeri, Georgian and Hungarian governments in 2010 signed a memorandum of understanding to cooperate in the liquefied natural gas sector. Penspen said this agreement laid the groundwork for AGRI.