SOCAR, Turkmenistan mull development of joint field

By Azernews

By Ayya Lmahamad

Head of State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev and Turkmenistan's President Gurbanguly Berdimuhamedov have discussed implementation of Dostlug joint field on the Caspian Sea.

The meeting was held during Abdullayev’s visit to Ashgabat to participate in an international oil and gas investment forum earlier this week.

The parties discussed the possibility of further intensifying strategic partnerships between the two countries in the energy sector.

It was noted that the memorandum of understanding between Turkmenistan and Azerbaijan on the joint exploration, development, and exploitation of hydrocarbon resources of the Dostluq field in January this year, reflects the high level of interstate relations and the principles of mutual trust and respect.

During the meeting, Abdullayev stressed Azerbaijan’s interest in developing a partnership with Turkmenistan in various fields.

In turn, Berdimuhamedov noted that Turkmenistan, which has always valued sincere relations with neighboring countries, intends to further deepen mutually beneficial cooperation.

Azerbaijan’s delegation, including SOCAR President Rovnag Abdullayev and Deputy Economy Minister Rovshan Najaf attended the International Oil and Gas Investment Forum held in Ashgabat.

Addressing the forum, Abdullayev stated that the Southern Gas Corridor, which is important for the energy security of Europe and the development of the Caspian region, is an open international project for both importers and suppliers, as well as for all countries that want to become part of it.

Moreover, Abdullayev noted that Azerbaijan is ready to share the huge potential of the Southern Gas Corridor and the Baku-Tbilisi-Ceyhan pipeline with Turkmen companies to transport Turkmenistan's hydrocarbon resources to international markets.

About 500 representatives of more than 160 international oil and gas and investment companies from 42 countries, as well as leading experts from major international institutions and financial institutions also took part in the event.

Dostlug filed has an estimated 60 million oil reserves and 100 billion cubic meters of natural gas reserves. The deal will enable future transport of Turkmen hydrocarbons to Europe via Azerbaijan, thereby bolstering Azerbaijan’s position as a regional energy hub and Europe’s energy provider.