SOCAR is seeking an equity partner for the development of geothermal energy projects in Azerbaijan, SOCAR Vice President for Energy Transition, Environment and Decarbonization Afgan Isayev said at a roundtable held in Baku as part of the Fourth Climate Week of the UN Framework Convention on Climate Change (UNFCCC), hosted by the Republic of Azerbaijan and organized by the Ministry of Foreign Affairs, APA reports.
He said that SOCAR, together with Schlumberger and Baker Hughes, has conducted studies to identify Azerbaijan’s geothermal energy potential: “We are currently looking for an equity partner who will share the risks with us and has experience in developing this type of project. Because we do not have experience in this field. The government is working on developing new legislation in the field of geothermal energy and creating mechanisms that will help reduce risks. Technical assistance from international partners, the experience of other countries, standards and procedures could accelerate the development of the geothermal energy sector in Azerbaijan.”
The SOCAR official also touched upon efforts to reduce methane emissions, saying that 1.2 million tons of CO₂-equivalent emissions have been prevented over the past two years under SOCAR’s methane program.
Afgan Isayev also recalled Azerbaijan’s target of meeting at least 30% of its energy demand from renewable energy sources by 2030 and expressed confidence that this figure would be exceeded. SOCAR also sees new opportunities in energy efficiency, battery energy storage systems, sodium-ion batteries and microgrids. Together with bp, the company is constructing a $240 million solar power plant in Jabrayil. The project is scheduled to be completed next year.
“New energy storage technologies will enable us to provide renewable energy 24/7 and build microgrids. This is the next stage,” Afgan Isayev said.
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