BAKU, Azerbaijan, June 6. The State Oil Company of Azerbaijan Republic (SOCAR) plans to implement new projects in oil and gas production as well as in the field of liquefied natural gas (LNG), Advisor to the Vice President at SOCAR Sariyya Buniyatova said during the "Gas Dialogue: The Role of Gas Supply During the Energy Crisis" panel at the 29th Baku Energy Forum, Trend reports.
"We are actively developing and expanding our portfolio in the oil and gas production sector. A notable example is our recent acquisition of a 3 percent stake in an oil project in the UAE. We have plans for additional projects in production as well as in LNG," stated Buniyatova.
She highlighted the increasing interest of foreign investors in Azerbaijan's oil and gas production sector.
"The volume of investments in the production sector is rising compared to previous years. Furthermore, there is a growing awareness that it is impossible to meet the EU's gas demand with low investments in the producing countries," Buniyatova emphasized.
According to her, SOCAR is currently focused on accelerating work in the relevant fields due to the high demand for gas.
“In particular, we are striving to expedite the full-scale development of the Absheron field and are in discussions with our partners on the project,” she explained.
The advisor also noted that SOCAR welcomes ADNOC's (Abu Dhabi National Oil Company) involvement in the Absheron project and believes that the cooperation will be long-term.
Buniyatova added that the first deep gas from Azeri-Chirag-Gunashli is expected soon, and work on the Umid-Babek is also underway.
The Baku Energy Forum is supported by the Ministry of Energy of Azerbaijan, with the State Oil Company of Azerbaijan Republic (SOCAR) as the main partner. For the first time, the forum is being held with the support of OPEC.
More than 600 delegates are participating in the forum. In addition to Azerbaijan, representatives from Australia, Austria, Belarus, Belgium, Bulgaria, the UK, Hungary, Georgia, Israel, India, Italy, Kazakhstan, Qatar, China, Latvia, Monaco, the Netherlands, Norway, the UAE, Russia, Romania, Saudi Arabia, Slovenia, the US, Uzbekistan, Ukraine, Finland, France, the Czech Republic, Switzerland, Sweden, and Japan will also be present. This year, the forum has a record number of speakers - 81.
The forum's agenda includes critical energy issues for both Azerbaijan and the entire Caspian region. Key points on the agenda focus on reviewing and financing projects related to energy security, the energy transition, and green energy.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel
