Earlier it was known as Kapaz in Azerbaijan and Serdar in Turkmenistan.
The undersea field was discovered by Soviet explorers in 1986.
Based on earlier seismic data collected by Soviet-era geologists, Dostluk may be comparable to the Karabakh field in terms of its potential hydrocarbon reserves.
Experts estimate that the Dostluk field contains natural gas and 60-70 million tons of oil.
The field has been the main dispute between Baku and Ashgabat since the 1990s.
Turkmenistan even intended to take the disputed issue to the International Arbitration Court.
Later, officials from both countries agreed not to carry out exploration in this field until the Caspian legal status was resolved.
The Convention on the Legal Status of the Caspian Sea, signed by 5 Caspian states – Turkmenistan, Kazakhstan, Russia, Azerbaijan, Iran – in 2018, marked the beginning of a new stage of energy cooperation in the Caspian Sea region.
On January 21, 2021 Azeri President Aliyev and Turkmen President Berdymukhamedov signed a MoU on joint exploration of the hydrocarbon field.
According to the agreement, the resources of the Dostluk field will be distributed between Azerbaijan and Turkmenistan in the ratio of 30% to 70%, respectively.
The deal demonstrates countries can find workable solutions to disagreements that dogged their relationships for decades.
At the same time, the deal could have considerable economic implications for the broader region.
Growing energy demand in Asia will provide an eager market for Dostluk should the field come online.
The Caspian region’s 1st energy boom took place during the beginning of the last century.
The 2nd took place in the 1990s after the collapse of the Soviet Union.
With the completion of the SGC and the agreement over Dostluk, it is very possible that a 3rd energy boom will take place during this decade.
In February 2021 Russian LUKOIL announced that the company intends to take part in the development of the Dostluk field.