SOCAR: MoU on Dostluk oil & gas field to boost dev't of Azerbaijan-Turkmenistan ties

  21 January 2021    Read: 297
SOCAR: MoU on Dostluk oil & gas field to boost dev

The memorandum of understanding inked on Dostluk oil and gas field in the Caspian Sea is a new milestone in the development of relations between Azerbaijan and Turkmenistan, said Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR.

“Dostluk 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. Today, these talks brought tangible results with the signing of the MoU,” he said.

Ahmadov pointed out that 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 we suppose that 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. The memorandum is the first step towards reaching this goal. At the same time, it is a new milestone in the history of development of Azerbaijan’s relations with neighboring Turkmenistan, which is a brotherly country from the ethnic and confessional viewpoint. There is a great potential for the development of relations between our countries in the oil and gas industry. In this regard, the new name of our joint project, Dostluk, which means “friendship”, is symbolic,” he added.

Ahmadov went on to add that Azerbaijan has already made a certain contribution to this project by discovering the field. “We have infrastructure and pipelines in the Caspian Sea, oil and gas pipelines, linking the region with European markets and other regions. This would allow to save a part of the expenditures necessary for transportation of the extracted product to the international markets.”

 

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