Lukoil Aims to Become Operator of Offshore Dostluk Field

BUSINESS TURKMENISTAN
Lukoil Aims to Become Operator of Offshore Dostluk Field
Vladimir Filanovsky oil field in Russia's sector of the Caspian Sea (Photo: Lukoil)

The Russian oil and gas company Lukoil plans to become the operator of the joint Turkmen-Azerbaijani Dostluk (Friendship) hydrocarbon field in the Caspian Sea, Interfax-Azerbaijan cites the company’s President Vagit Alekperov as saying on the sidelines of the St. Petersburg International Economic Forum.

Alekperov said the consultations on Dostluk project are underway and that the countries are currently preparing intergovernmental agreement.

The MoU between the Governments of Turkmenistan and Azerbaijan on joint exploration and development of hydrocarbon resources of the offshore Dostluk field was signed on January 21 in Ashgabat.

According to experts, Dostluk field’s reserves are estimated at 50 million tons of oil.

The resources of the Dostluk field are expected to be distributed between Azerbaijan and Turkmenistan in the ratio of 30% to 70%, respectively.

In a meeting with Vagit Alekperov in Ashgabat on February 18, President of Turkmenistan Gurbanguly Berdimuhamedov expressed Turkmen side’s support for the company's intent to participate in the development of the Dostluk field, as well as its readiness to consider specific investment proposals for the implementation of the project.