DAVOS, January 22. /TASS/. Lukoil plans new joint projects in the Caspian Sea with Azerbaijan’s state oil company Socar, Chief Executive Officer of Russia’s oil major Vagit Alekperov told reporters on Wednesday, adding that the sides might sign a respective agreement during the World Economic Forum in Davos.

"We are discussing a number of projects, including the Nakhichevan block, the offshore block and the so-called transition zone in the north of Absheron. At least our geologists consider them promising," he said.

"We are going to negotiate exploration with Socar. The agreement most likely will be signed at the forum today," Alekperov added.

Azerbaijani President Ilham Aliyev and Lukoil CEO earlier discussed the issue of the company’s participation in the development of Nakhichevan and Goshadash fields.

The agreement on joint exploration of the oil and gas potential of the Goshadash block was signed on September 1, 2018 in Sochi as part of Aliyev’s visit to Russia.

The Nakhichevan field was discovered in 1960. Investment in its development is estimated at $2 bln, while the reserves are projected at 110 mln tonnes of oil and 85 bln cubic meters of gas.