The working group on the preparation of an agreement between the governments of Turkmenistan and Azerbaijan on joint exploration and development of hydrocarbon resources of the Caspian Dostluk field held its fourth meeting in online format on Thursday.

The chairmen of the working group from the Turkmen and Azerbaijani sides made speeches at the meeting, the reports of the heads of the expert groups were heard, the Foreign Ministry of Turkmenistan reports.

The participants noted the progress made in the joint work. In the course of today's discussions, the parties also reached a mutual understanding on the speedy agreement of a number of applications to the intergovernmental agreement.

Expert teams are tasked with intensifying the preparation of drafts of relevant documents that address the interests of the potential investor.

Earlier, ORIENT reported that the Russian oil company Lukoil wants to become the operator of the Turkmen-Azerbaijani field "Dostluk" ("Friendship") in the Caspian Sea.

The development of the Caspian region's hydrocarbon resources and the Dostluk project were discussed during a meeting between President Gurbanguly Berdimuhamedov and Lukoil leader Vagit Alekperov on February, in October and in November 2021 года.

The Dostluk project is becoming an important example of cooperation in the Caspian Sea. The oil and gas condensate field (Serdar / Kayapaz) was discovered in 1986. on the border of the Azerbaijani and Turkmen sectors of the Caspian Sea and was the subject of dispute between the two countries. Disagreements managed to resolve after signing in 2018 Conventions on the legal status of the Caspian Sea. The final point in the dispute between Turkmenistan and Azerbaijan was reached in January 2021, signing an intergovernmental memorandum of understanding on joint exploration and development of the hydrocarbon resources of the Dostluk field.

Thanks to the agreements reached, the opportunity to create a joint venture and attract large foreign investors to the project has been opened.

The field has about 60 million tons of oil reserves and 100 billion cubic meters of natural gas.

ORIENT news