SOCAR Partners with U.S. Firms to Explore Geothermal Energy and Decarbonization in Azerbaijan
The State Oil Company of Azerbaijan (SOCAR) is collaborating with U.S. companies to explore Azerbaijan's geothermal energy potential. SOCAR Vice President Afghan Isayev discussed this partnership during the U.S.-Azerbaijan Trade and Business Conference in Washington. Established through the 1994 'Contract of the Century', this collaboration has expanded to include various oil and gas operations. SOCAR aims to achieve significant decarbonization targets by 2030 and 2035, including zero routine flaring and a 30% reduction in emissions intensity.
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SOCAR is actively exploring geothermal energy potential in Azerbaijan in partnership with U.S. companies, as stated by Vice President Afghan Isayev. This collaboration, rooted in the 1994 'Contract of the Century', has evolved from initial upstream activities to a broader engagement across the oil and gas value chain.
SOCAR has set ambitious decarbonization targets, including achieving zero routine flaring by 2030 and reducing emissions intensity by 30% by 2035. Projects with U.S. firms like ExxonMobil, SLB, and Baker Hughes focus on advanced technology applications, while initiatives like the 'C&S Lighthouse' aim to support green transformation.
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