BAKU, Azerbaijan, November 25. The Caspian Technical Conference 2025, organized by the Society of Petroleum Engineers (SPE), is being held today in Baku, Trend reports.
This year, the conference is being held with the support of the host, SOCAR, and its theme is “Learning from the past, innovating today, inspiring tomorrow.”
Speaking at the event, SOCAR Vice President, Babak Huseynov said that the company is ready to revise approaches to field development for maximum efficiency.
"The main criterion remains technical solutions that enable the most efficient use of existing assets. In addition to working with existing fields, SOCAR is focusing on new projects and redeveloping existing ones," he explained.
Huseynov mentioned the example of Bahar field, where the recovery rate was less than 10 percent, and many considered it depleted. However, the SOCAR team identified significant potential and continues to develop the project.
"Exploration remains an important tool for replenishing reserves, and the SOCAR team is successfully fulfilling this task, which will ensure a long-term balance between production and development," he noted.
Giovanni Cristofoli, bp's regional president for Azerbaijan, Georgia and Türkiye, said that application of advanced technology on the Azeri-Chirag-Gunashli (ACG) field has become a vital necessity .
According to him, ACG is one of the world's largest fields, with 8-9 billion barrels of oil reserves.
"From both an economic and strategic standpoint, it’s unacceptable to leave 60–80 percent of such vast reserves underground. Just a decade ago—or even five years ago—wells were producing 20,000–30,000 barrels. Today, new wells yield only 2,000–3,000 barrels.
Wells are becoming smaller, their structures increasingly complex, and the geology more challenging. This underscores the urgent need for advanced technology," the bp official explained.
He stressed that technology and innovation are essential for extracting resources from these fields and delivering them to Europe and other markets.
“When technology becomes a necessity, geographical limitations disappear. This demand drives us forward, and being landlocked no longer poses an obstacle,” he added.
The two-day conference will feature discussions on digitalization, the application of artificial intelligence, improving the efficiency of field development, as well as security and sustainable supply – the main areas of development for the regional energy sector.
Speakers will include representatives of major international companies and educational centers.
In addition, a technology exhibition will be organized, where companies will present their new tools, engineering solutions, and developments that will shape the future of the industry.
Meanwhile, SPE (Society of Petroleum Engineers) is an international organization that brings together 132,000 professionals from 146 countries. SPE develops professional standards, creates educational programs, supports industry communities, and serves as a platform for knowledge exchange. SPE has offices in Calgary, Dallas, Dubai, Houston, and Kuala Lumpur.
Will be updated