The growing importance of security factors in the global energy market is further increasing Azerbaijan's strategic significance, 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, under the current geopolitical conditions, energy security has become one of the key priorities for governments and investors.
John Wallace stated that the problems experienced in the Strait of Hormuz could accelerate the diversification of energy export routes and the creation of new transport infrastructure.
“Countries and companies will cooperate to create new transportation systems in order to overcome existing challenges. I believe the number of pipeline projects will increase,” he noted.
According to the head of DeGolyer and MacNaughton, this process could work in Azerbaijan’s favor.
“Azerbaijan has a connection to Europe. This creates an important advantage in terms of energy security and supply reliability,” John Wallace stressed.
According to him, the development of unconventional hydrocarbon resources will be one of the main directions of the energy industry over the next five to ten years.
John Wallace noted that the technologies in this field already exist, and that the key issue is ensuring a favorable investment environment, effective governance, and transparency.
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