Report: Lukoil to develop Turkmen–Azerbaijani Caspian field

ASHGABAT, Feb 19 (PRIME) -- Russian oil company Lukoil wants participate in development of the Dostluk oil field located in the Caspian Sea and owned by Turkmenistan and Azerbaijan, the Turkmen state television channel reported following a meeting between Turkmen President Gurbanguly Berdymuhamedov and Lukoil CEO Vagit Alekperov.

The governments of Turkmenistan and Azerbaijan have recently signed a memorandum of understanding on joint development of the field, Berdymuhamedov said as broadcast by the state television.

“Signing of this historic document opens new opportunities for joint work and creates additional conditions for attracting large foreign investment to the region on a long-term basis,” he said.

“I would like to say that we welcome Lukoil’s intent to participate in development of the Dostluk field, and we are ready to study your detailed investment proposals on implementation of the projects.”

Alekperov said that the signing opens a new page in the history of the Turkmen oil industry. Lukoil has a unique experience in operating in shelf fields, including deep-water fields. The company will mobilize all efforts and the most experienced personnel from all projects to prepare for the Dostluk field.

He promised that the technologies that Lukoil would use will comply with the environmental regulations, and will be the most up-to-date and most economically efficient.

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