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Baku/23.02.21/Turan: On Tuesday February 23, the Azerbaijani parliament approved a memorandum of understanding between Azerbaijan and Turkmenistan on the development of the Dostlug offshore oil and gas field (formerly Kapaz).
The memorandum was signed on January 21 during an intergovernmental meeting in Ashgabat by the foreign ministers of the two countries.
For many years this field has been the cause of disputes and even conflict between the two countries.
In 1997, Azerbaijan signed a contract with the Russian LUKoil to develop this field, but due to protests from Turkmenistan, the agreement was canceled.
According to the current memorandum, the parties' share in the contract looks like this: Azerbaijan - 30%, Turkmenistan - 70%.
According to experts' forecasts, oil reserves at the field are estimated at 50-70 million tons. The memorandum assumes that oil produced from the field will be transported to markets through the infrastructure of Azerbaijan. -05D-
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