Azerbaijani President approves MoU on joint exploration and development of Casian hydrocarbon field with Turkmenistan

AKIPRESS.COM - President of Azerbaijan Ilham Aliyev signed the memorandum of understanding on joint exploration and development of the Dostluk hydrocarbon field in the Caspian Sea by Azerbaijan and Turkmenistan. The document was published on the Azerbaijani President's website.
The Dostluk field, which is estimated to host 50 trillion tons of oil, was disputed since collapse of the Soviet Union. On January 21, the Foreign Ministers of Turkmenistan and Azerbaijan signed the intergovernmental memorandum of understanding on joint exploration, development of the hydrocarbon field. The memorandum was ratified by the Parliament of Azerbaijan on February 22.
The intergovernmental agreement is prepared between Azerbaijan and Turkmenistan now. Under this agreement, Turkmenistan will have rights to about 70% of the expected hydrocarbons output, with the remaining production to go to Azerbaijan.
Russia's Lukoil will participate in development of the Dostluk field.