Azerbaijan has significant potential for new discoveries in the oil and gas sector, and future efforts should focus primarily on offshore exploration activities, said John Wallace, Chairman of the Board and Chief Executive Officer of DeGolyer and MacNaughton, during the “Exclusive Interview with the CEO” session held as part of the Baku Energy Forum, APA-Economics reports.
According to him, one of Azerbaijan’s main advantages is the presence of high-quality oil and gas reservoirs.
“Azerbaijan has good reservoirs. Usually, where there are good reservoirs, there are also quality source rocks. Therefore, I believe Azerbaijan’s future lies in new offshore exploration activities and the study of source rocks,” he said.
John Wallace noted that new trends are emerging in the global energy industry. According to him, a large share of promising shale oil fields in the United States has already been developed, prompting international energy companies to seek new opportunities in foreign markets.
“Companies will have to focus on new projects abroad in order to maintain their market value and reserve base. We are seeing this more and more,” he stressed.
According to the head of DeGolyer and MacNaughton, Azerbaijan’s rich geological potential and the opportunities offered by the Caspian Sea could make the country one of the attractive destinations for international energy companies.
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