BAKU, Azerbaijan, November 25. The State Oil Company of Azerbaijan (SOCAR) is ready to revise approaches to field development for maximum efficiency, SOCAR Vice President, Babak Huseynov said at the SPE 2025 Caspian Technical Conference held in Baku today, Trend reports.
"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.
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