Demand for hydrocarbons will continue for decades, Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), said at the panel discussion themed “Leaders’ Speeches: The Road to a Sustainable Energy Ecosystem” within the framework of the 30th Anniversary International Caspian Oil and Gas Exhibition and the 13th Caspian International Energy and Green Energy International Exhibition held in Baku.
Report quotes Najaf as saying some of SOCAR’s partner companies are currently making a balanced energy transition: “This is based on providing energy by contributing to energy security with an energy mix consisting of traditional oil and gas and renewable energy sources.
In this sense, I think other companies are trying to apply a balanced approach and continue to invest in traditional oil and gas, but they invest in accordance with their zero commitments and commitments to sustainable development and production. Because we believe that production with minimal environmental impact is possible with good partners and the right technology. We always discuss how we can contribute to the development of such sustainable systems and share this information, knowledge, and technology.”
He noted that on the other hand, SOCAR continues to invest in oil and gas exploration: “Because we believe that the demand for these will continue for decades. But again, we must do this sustainably. That is, by using the best available technology, combined with decarbonization efforts, I think Azerbaijan and the South Caucasus region offer a unique opportunity for companies to have a balanced energy mix where they can invest in both traditional oil and gas and renewable energy sources in the same locations. They can also own decarbonization projects.”
