BAKU, Azerbaijan, June 6. The State Oil Company of Azerbaijan Republic (SOCAR) supports the standardization of oil and gas operations in the Caspian Sea, considering the unique characteristics of this region, SOCAR Vice President Babek Huseynov said during the "Exploration and Production Opportunities in the Caspian Region" panel at the 29th Baku Energy Forum, Trend reports.
"All international companies operating in Azerbaijan adhere to international standards in their operations, which ensures operational safety and work quality. However, we believe these standards should be tailored to the specific conditions of the Caspian Sea rather than simply adopting those applied in regions like the North Sea," he stated.
Huseynov emphasized that standardizing international standards with consideration for Caspian conditions would result in significant financial savings.
"We've conducted a study and found that implementing Caspian-specific standards could save us hundreds of millions of dollars in costs. While we're discussing this initiative with our partners, the process isn't without challenges," the vice president noted.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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