The resources of the Dostluk field will be distributed between Azerbaijan and Turkmenistan in the ratio of 30% to 70%, respectively, according to the draft law of Azerbaijan on approval of the Memorandum of Understanding between the governments of the two states on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea signed on January 21.
The bill was submitted for discussion to the Parliament of Azerbaijan, Baku-based Report news agency reported on Thursday.
According to the bill, Azerbaijan and Turkmenistan will determine the geographical coordinates of the Dostluk field for joint exploration and development of hydrocarbon resources.
The transportation of hydrocarbon resources extracted from the Dostluk field, intended for export to international markets, will be carried out on the basis of competitive conditions using the existing transport and transit systems of Azerbaijan and in accordance with the norms and practices in force in the international oil and gas industry.
Azerbaijan and Turkmenistan will also prepare a new intergovernmental agreement regulating cooperation between the parties on joint exploration, development of Dostluk field. A joint working group will be set up to prepare the agreement.