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Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline

Economy Materials 27 January 2021 21:04
Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline

BAKU, Azerbaijan, Jan. 27

By Ilhama Isabalayeva - Trend:

The Memorandum of Understanding between Azerbaijan and Turkmenistan on joint exploration, development of hydrocarbon resources of the Dostlug field in the Caspian Sea again brings to the front the issue of the construction of the Trans-Caspian gas pipeline to ensure the supply of the Central Asian energy resources to the European market, Joshgun Mammadov, scientific secretary of the Presidium of the Azerbaijan National Academy of Sciences (ANAS) told Trend reports on Jan. 27.

“This will lead to new big changes in the energy map of the region, an influx of big investments, the development of the economic situation in regional countries, the creation of new jobs and, as a consequence, an increase in living standards,” Mammadov added. “In this regard, the Dostlug field promises great prospects for the future development of not only Azerbaijan and Turkmenistan, but also the region as a whole.”

“The memorandum is the beginning of a new stage in organizing joint projects in the field of energy, transport and communications in the Caspian Sea between two fraternal countries with common history, ethnic and religious traditions and will also make a big contribution to the further expansion and development of economic, political and cultural ties between the two countries,” Mammadov said.

"The signing of the memorandum is a historic event, the document is of exceptional importance from an economic point of view,” Mammadov said. “Dostlug field has quite big energy resources. In accordance with the preliminary estimates, the oil reserves of the field reach about 60 million tons, natural gas reserves - 100 billion cubic meters. In accordance with the economic estimates, these figures are expected to increase after extensive exploration work. This will lead to a big increase in revenues to the budgets of both countries."

"Modern infrastructure created in the Caspian Sea for the transportation of hydrocarbons will create favorable conditions for bringing the energy resources produced at Dostlug field to the world markets.”

Mammadov said that at the moment Azerbaijan supplies natural gas to the Turkish and European markets through the Trans Anatolian Pipeline (TANAP), which forms the Southern Gas Corridor (SGC) and the recently built Trans Adriatic Pipeline (TAP).

“Taking all this into account, the Turkmen gas can be transported to Europe via international oil and gas pipelines through Azerbaijan in the near future,” he said.

“For Turkmenistan, which has so far exported its energy resources via Russia, Iran and China, this alternative and economically viable export route is extremely tempting,” Mammadov said.

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