Azerbaijan and Turkmenistan are developing a draft agreement on Dostlug field in the Caspian Sea, Trend reports with reference to Turkmen media.
Turkmenistan’s President Gurbanguly Berdimuhamedov and head of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev exchanged views on partnership prospects in oil and gas industry, as well as implementation of joint projects. The sides focused on the exploration and development of Dostlug field in the Caspian Sea.
They highlighted the significance of the Memorandum of Understanding signed in January 2021 between the two countries.
It was pointed out that the signing of this document was a milestone in the development of cooperation between Turkmenistan and Azerbaijan in the energy sphere. Moreover, new opportunities are opening up for attracting huge amount of long-term foreign investments to the region.
Dostlug is a new name of the field that is located on the border of Azerbaijani and Turkmen sectors of the Caspian Sea. It was known as Kepez in Azerbaijan and Sardar in Turkmenistan. The negotiations on the joint development of the field were held before. In January 2021, these talks brought tangible results with the signing of the MoU,
During the Soviet period, Azerbaijani specialists carried out exploratory works there, which show that this field is similar to Karabagh field in terms of reserves.
It is an oil and gas field and its reserves can be approved by carrying out modern methods of seismic exploration and probably, exploratory drilling. It is necessary to outline many technical and commercial issues related to the future development of this field.