WASHINGTON, U.S., March 10. Azerbaijan’s state oil company (SOCAR) is looking for partners to develop geothermal projects, said Vice President of Azerbaijan’s state oil company (SOCAR) Afgan Isayev, Trend’s special correspondent reports.
He made the remarks during a panel discussion titled "Energy Infrastructure & Capital Flows Into Energy's Future" held within the framework of the U.S.-Azerbaijan Trade and Business Conference, dedicated to the 30th anniversary of the U.S.-Azerbaijan Chamber of Commerce (USACC).
“We are interested for the first time in the region to look at unconventional ways of developing energy resources. And that is why together with ExxonMobile, we are looking at fracking and non-fracking. And so close to 20% of the country will be looked at together with Exxon for this type of projects. So together, we are working with experts on onshore, looking at fracking and non-fracking. We are well aware that there are certain environmental issues. We will be able to resolve this environmental issue as well. We will keep giving them the ideas, technologies,” he said.
Isayev pointed out that fracking technology of US companies can be used for geothermal purposes as well.
“We haven't done geothermal projects for the purposes of producing oil. But for us, it's still interesting. And we are looking for partners who can join us as equity partner in developing geothermal together,” he added.