BAKU, Azerbaijan, June 1. Integration of new technologies into existing oil and gas infrastructure and proper allocation of capital remain key challenges for SOCAR, the company's Deputy Vice President Hikmat Abdullayev said at panel discussions within the framework of the 31st International Caspian Oil and Gas Exhibition in Baku today, Trend reports.
According to him, the introduction of new technologies into the existing oil and gas infrastructure is a complex process, as these systems are closely interconnected and function as a "living organism".
"Therefore, intervention in one area can affect dozens of others, which further complicates processes, especially at production facilities. One of the main difficulties is the correct allocation of capital. Reducing methane emissions is of particular importance in this regard, because methane is also a product with economic value, and its loss creates direct financial losses," he explained.
The SOCAR official noted that in many cases, projects aimed at reducing methane emissions can be economically justified, since in the long term these projects allow for the compensation of costs due to the saved gas.
"Since methane has a greenhouse effect about 28-30 times stronger than carbon dioxide, this direction is considered one of the priority areas for the company. At the current stage, both infrastructure integration and efficient investment management are the main strategic challenges facing SOCAR," he added.
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