Page 10 - FSUOGM Week 08 2021

FSUOGM INVESTMENT FSUOGM

Lukoil mulls involvement in Azeri-

Turkmen oil project

CASPIAN RUSSIAN oil firm Lukoil has expressed interest production projects in Azeri, Kazakh and Rus-
in developing the Dostluk oil and gas field in the sian waters. Alekperov made Lukoil’s interest
Lukoil is a seasoned Caspian Sea. in Turkmenistan known in February last year,
Caspian explorer For years Dostluk, formerly known as Kapaz when he paid a visit to Ashgabat to meet with
by Azerbaijan and Serdar by Turkmenistan, was Berdymukhamedov.
contested by the two Caspian countries. But the Turkmenistan has had difficulty developing
pair signed a memorandum of understanding its Caspian oil and gas resources, despite making
(MoU) in late January on joint exploration of repeated attempts to attract foreign investors to
the deposit. help develop the area over the years.
Turkmen President Gurbanguly Berdy- Dostluk, meaning friendship, was discovered
mukhamedov held a meeting last week with by Soviet explorers in 1986 and used to be known
Lukoil CEO Vagit Alekperov, according to Turk- as Serdar by Ashgabat and Kapaz by Baku. But
men media. the development has been held up by a territorial
“The signing of this historic document cre- dispute between Azerbaijan and Turkmenistan
ates new opportunities for joint work and creates that began after the USSR’s collapse.
additional conditions for attracting large foreign Turkmenistan awarded a 25-year produc-
investment into the region on a long-term basis,” tion-sharing agreement (PSA) for offshore Block
Berdymukhamedov was reported as saying on 3 containing Dostluk in 2007 to Cyprus-regis-
Turkmen state television. “I would like to say tered Buried Hill. The block lies adjacent to
that [we] welcome Lukoil’s intent to participate Azerbaijan’s flagship Azeri-Chirag-Gunashli
in the development of the Dostluk field, and we (ACG) oil project.
are ready to study your detailed investment pro- Little modern exploration work has taken
posals on implementation of the project.” place at the site. Buried Hill undertook some
Alekperov added that the memorandum’s seismic surveying but has been unable to
signing “opens a new page in the history of the advance to the drilling phase because of the terri-
Turkmen oil industry.” torial dispute. An Azeri gunboat even forced one
Lukoil is a well-experienced Caspian of the company’s seismic vessels to temporarily
Sea operator, involved in exploration and cease its activity in 2008. ™

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