BAKU, Azerbaijan, June 6. The new operating model will boost the adaptation of the State Oil Company of Azerbaijan (SOCAR) to solving its tasks, SOCAR Vice President Ziba Mustafayeva said during today's panel discussion themed "The Role of Human Capital in a Successful Energy Transition" at the 29th Baku Energy Forum in Azerbaijan, Trend reports.
The official pointed out that SOCAR uses four main directions to achieve organizational changes.
"These areas must work together for the organization's 'engine' to function effectively. They include corporate strategy, operating model, culture, and context. SOCAR has defined a corporate strategy up to 2035.
We have also committed to achieving zero pollution by 2030 and near-zero methane emissions during exploration and production. These are not just rules and commitments; they are embodied in concrete plans and activities that have already begun to be implemented," Mustafayeva clarified.
According to her, this corporate strategy has been communicated to the employees so that they can see the connection between their daily activities and the direction in which the company is moving.
"So, we have a direction, but is it enough? We need to change the operating model. Together with our organizational development partners, such as BCG, we have reviewed and updated the operating model that defines how we work and create value. The new operating model will make SOCAR more adaptable to addressing set tasks and priorities.
The operating model has many features. Let me touch on just a few of them. One important feature is the introduction of the energy transition and decarbonization segments. This is not just a separate structure but an important part of our business," Mustafayeva further said.
Speaking about consolidation, she highlighted that SOCAR is a large organization with representations in more than 20 countries and conducting business internationally on all continents, employing over 70,000 people, and uniting more than 100 companies.
"We need to ensure that we operate cohesively and are integrated to meet challenges. In this regard, we have implemented a new operating model where the head office plays the role of a center of excellence and sets standards. This allows us, despite working in different geographical regions, to adhere to a unified approach," the official added.
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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