BAKU, Azerbaijan, September 3. Work on counting 27 fields according to SPE-PRMS (Society of Petroleum Engineers-Petroleum Resource Management System) classification in the Azerbaijani sector of the Caspian Sea has started within the cooperation between the State Oil Company of Azerbaijan (SOCAR) and "DeGolyer and MacNaughton" company this week, Trend reports.
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SOCAR and Abu Dhabi National Oil Company (ADNOC) have discussed the implementation of the Absheron field's next stage.
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This week, Azerbaijan and France’s TotalEnergies discussed the development of cooperation on green energy projects. At the meeting of Azerbaijan's Energy Minister Parviz Shahbazov with a delegation led by TotalEnergies CEO Patrick Pouyanne, satisfaction was expressed with the commissioning of the Absheron gas field with high production indicators as well as cooperation with TotalEnergies.
The importance of the Absheron gas field in fulfilling Azerbaijan's obligations as an energy supplier, in particular the role of natural gas in ensuring energy security was emphasized.
Moreover, the parties held exchange of views on the development of the processes of the Phase 1 project.
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Azerbaijan and the World Bank (WB) have discussed priority directions for energy sector development.
During the conversation of Parviz Shahbazov with the new WB manager for Azerbaijan Stefanie Stallmeister, the implementation of projects in Azerbaijan with the technical and financial support of the World Bank was highly appreciated, and opinions were exchanged on cooperation with the Bank and priority directions for the development of the country's energy sector.
Information was also presented on energy transition, energy efficiency, renewable energy sources, and energy projects realized from the Caspian Sea to Europe, including an assessment of wind energy potential in the Caspian Sea.
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This week, the European Bank for Reconstruction and Development (EBRD) expressed its readiness to support Azerbaijan with its green hydrogen initiatives through technical assistance focused on project preparation.
Besides, the bank said that it can provide its financial products that would be tailored to each project.
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Furthermore, this week, Asian Development Bank (ADB) has provided an update on pilot solar energy project in Azerbaijan.
So, for the 100kW floating solar photovoltaic (FPV) Pilot Project in Boyukshor lake, Azerbaijan, the installation, final positioning and anchoring is expected to be completed in September 2023.
The ADB said that the assembly of the floating island with the solar panels has recently been finalized by the contractor.
As for a possible decision on upscaling, the bank noted that it will depend on operations of the FPV pilot project as well as further discussions with all stakeholders involved.
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International Finance Corporation (IFC) Regional Manager for the South Caucasus Ivana Fernandes Duarte said this week that the IFC is well-placed to work with Azerbaijan in the renewable energy area and help it reach the next level, by leveraging private investment.
She also pointed out that IFC and the International Bank for Reconstruction and Development (IBRD) are working with the Azerbaijani government on how to implement an offshore wind roadmap, to initiate offshore wind development, and attract developers and private investors to the country.