Turkmenistan and Azerbaijan agreed to hold in the near future the meeting of the joint Turkmen-Azerbaijani expert group under the intergovernmental memorandum on the joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea, Interfax-Azerbaijan news agency reported on Thursday with reference to the Azerbaijani Ministry of Energy.
“On Thursday, the fourth meeting of the Azerbaijani-Turkmen working group, operating within the framework of the Memorandum on the Dostluk project, was held in the format of a videoconference.
The meeting was co-chaired by the Minister of Energy of Azerbaijan Parviz Shahbazov and the State Minister of Turkmenistan, Chairman of the Türkmengaz State Concern Batyr Amanov," the press service of the Azerbaijani Energy Ministry said.
During the meeting, the parties noted the progress in the negotiation process on this project and the importance of its implementation for the two countries.
"Based on the results of the meeting, it was decided to hold the next meeting of the joint expert group created within the framework of the Working Group in the near future," the Ministry stated.
The Turkmen Foreign Ministry in its statement on the result of the meeting said the sides also reached an understanding on the soonest agreement on the relevant annexes of the joint agreement on development of Dostluk field.
The expert group is assigned to intensify the work on preparation and coordination of the drafts of the corresponding documents affecting the interests of the potential contractor-investor, according to the statement.
According to the specialists, the Dostluk field’s reserves are estimated at around 60 million tons of oil and 100 billion cubic meters of natural gas.
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, the head of Russian oil and gas company Lukoil, in Ashgabat in February last year, 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.