Ukrainian online publications Open4business and Fixygen published articles about Azerbaijan's SOCAR company starting to develop an oil field in Uzbekistan. This information was announced by Azerbaijani President Ilham Aliyev during a trilateral summit in Turkmenbashi on August 22nd - a meeting with the President of Uzbekistan and the Chairman of the People's Council of Turkmenistan.
The article notes that Aliyev, in his speech, specifically addressed the project and expressed the following opinion:
"We have cooperation with Turkmenistan in the field of traditional energy. Now, cooperation in this direction has also been established with Uzbekistan. Our state oil company SOCAR has begun developing an oil field in Uzbekistan, a contract has been signed."
The publication notes that Azerbaijan has expressed its expectations of "positive news" from this initiative in the coming years.
The cost of the project is estimated at approximately 2 billion dollars. In the next five years, SOCAR, as the operator, is scheduled to conduct 3D seismic surveys on an area of at least 1000 square kilometers and drill at least one well. If a large deposit is discovered at the industrial level, both countries will begin work on its development.
According to experts' forecasts, potential reserves could amount to up to 100 million tons of oil and 35 billion cubic meters of gas.
Thus, this step is considered not only as an important stage in the energy sector of Uzbekistan, but also as a new foundation for cooperation between the two countries.
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