BAKU, Azerbaijan, September 9. SOCAR continues to implement its program to reduce methane emissions, the vice president of the State Oil Company of Azerbaijan (SOCAR), Afghan Isayev said during Baku Climate Action Week, Trend's correspondent reports from the event.
According to him, with additional funding, it will be possible to implement further programs to reduce methane emissions and repair the relevant infrastructure.
“As part of SOCAR’s methane reduction program, measurement campaigns were conducted in collaboration with partners such as the Boston Consulting Group, Sniffers, and GHGSat. Over the past two years, the program has achieved progress amounting to approximately 1–2 million metric tons of CO₂ equivalent,” Isayev noted.
Speaking about the energy transition and the integration of renewable energy sources, he noted that solar and wind energy projects are supported by government programs, including investment certificates: "The goal for 2030 is for renewable energy sources to account for at least 30 % of the energy mix.
Partnerships with foreign developers, including Masdar, ACWA Power, BP, and Universal Energy, will enable us to exceed the 30 % target by 2030."
Isayev also noted the high potential of geothermal energy for both centralized heat supply and electricity generation.
He stated that, during discussions with the Minister of Energy, the development of geothermal energy was included in government programs that call for the drafting of new legislation and the creation of risk-mitigation tools.
Furthermore, Isayev reported that SOCAR, in collaboration with Schlumberger and Baker Hughes, conducted desk studies to identify areas in Azerbaijan with high geothermal energy potential: “SOCAR is currently seeking partners to participate in the capital of these projects in order to share project risks.”
