Caspian Oil & Gas 2024: Embracing green energy and gas expansion
Milestones and achievements

ANALYTICS  05 June 2024 - 11:55

The Baku Energy Week, which commenced on June 4, featured vibrant discussions on various energy aspects, including the expansion of natural gas supplies to Türkiye and Europe, collaborative efforts in green energy initiatives, and preparations for the upcoming UN climate conference, COP29. At the heart of the event were talks highlighting Azerbaijani-Turkish energy cooperation, notably the Igdir-Nakhchivan gas pipeline project and the establishment of a green energy bridge.

President Ilham Aliyev graced the opening ceremony of the 19th International Exhibition Caspian Oil & Gas, the Baku Energy Forum, and the 12th Caspian International Energy and Green Energy Exhibition - Caspian Power, emphasizing Azerbaijan's pivotal role in the energy sector. During the forum, President Aliyev, alongside UAE Minister of Industry and Advanced Technologies Sultan bin Ahmed Al Jaber, laid the foundation for the Neftchala and Bilasuvar solar power plants, as well as the Absheron-Garadagh wind power plant.

President Aliyev highlighted Azerbaijan's emergence as a pan-European gas supplier, with six out of eight gas-importing countries being European. He underscored Azerbaijan's reliability in gas supply and its ongoing efforts to expand its reach to ensure energy security for partner nations.

Reflecting on the success of the Shah Deniz project in eliminating Azerbaijan's gas deficit, President Aliyev projected that gas exports would surpass 24 billion cubic meters this year. Energy Minister Parviz Shahbazov engaged in discussions with a Turkish delegation, led by Turkish Energy and Natural Resources Minister Alparslan Bayraktar, exploring avenues for enhanced Azerbaijani-Turkish collaboration in the gas sector.

"Co-operation between Baku and Ankara in the energy sector has benefited the whole region and we want to further deepen ties in this field between the two countries," Alparslan Bayraktar read out Turkish President Recep Tayyip Erdogan's address to the forum participants.

Türkiye's National Long-Term Energy Plan, Erdogan emphasized in a letter, is geared towards achieving net-zero emissions by 2053, underscoring the nation's dedication to a sustainable and dynamic energy landscape for present and future generations.

During the ministerial meeting, the energy ministers of Azerbaijan and Türkiye discussed priorities for joint efforts in exporting natural gas and promoting green energy. They mentioned that the construction of the Igdir-Nakhchivan gas pipeline will be finished soon, and gas supply to the Nakhchivan Autonomous Republic through Türkiye will commence by the end of the current year. Additionally, the two countries discussed cooperation in transmitting electricity generated from renewable energy sources and the roadmap for Turkish-Azerbaijani interaction in NAR. They also talked about finalizing the draft terms of reference for exporting electricity to Türkiye and Europe via Nakhchivan and expediting relevant processes. At the forum, the State Oil Company of Azerbaijan (SOCAR) and the State Oil and Gas Company of Türkiye (BOTAŞ) signed an agreement for natural gas supplies from the Shah Deniz field to Türkiye, delivery of Azerbaijani gas through Türkiye to the Bulgarian market, cooperation in gas supplies to Nakhchivan, and transit of Turkmen gas through Azerbaijan to the Turkish market.

Letters of greetings from the heads of the USA, Great Britain, and Türkiye were sent to the participants of the Baku Energy Week. The significance of the Caspian Oil & Gas International Exhibition and Conference in demonstrating Azerbaijan's energy potential to international investors was emphasized by the participants.

Thirty years ago, the first international oil and gas exhibition Xazarneftgaz, which later acquired a new name Caspian Oil & Gas, was held in the capital of Azerbaijan.

"The oil and gas exhibition was first held in 1994, and since then it has played a very important role in attracting foreign direct investment in Azerbaijan's energy sector," President Ilham Aliyev said, emphasising that the scope of the event has expanded and today this forum covers all segments of energy policy - oil, gas, refining, export and, of course, green energy.

This year's Baku Energy Week holds special significance as it coincides with the 30th anniversary of the signing of the "Contract of the Century," marking a transformative milestone in Azerbaijan's oil industry. Spearheaded by the visionary leadership of national leader Heydar Aliyev, Azerbaijan emerged as a prominent global oil exporter. Moreover, 2024 has been declared the "Year of Solidarity for a Green World" in Azerbaijan, reflecting the nation's commitment to environmental sustainability under the directive of the head of state.

Despite the passage of decades, the Caspian Oil & Gas and Baku Energy Forum remain pivotal events in the Caspian region. Drawing official delegations and representatives from around the world, including about 300 companies from 37 countries, the Baku Energy Week showcases the enduring interest of global oil giants in Azerbaijan's hydrocarbon resources and renewable energy potential. Notably, 40 per cent of the exhibition space is occupied by esteemed companies, with 15 per cent consisting of new participants, including debutants from India, Slovenia, and Switzerland. These newcomers, particularly foreign firms, demonstrate a genuine interest in Azerbaijan's green energy projects.

A highlight of the event was the joint laying of foundations for solar and wind power plants in Bilasuvar (445 MW), Neftchal (315 MW), and Garadagh in Absheron (240 MW) during the opening ceremony. Energy Minister Perviz Shahbazov hailed this achievement as a testament to Azerbaijan's innovation and solidarity in embracing the transition to a greener world. These new power plants are expected to generate approximately 2.305 billion kWh of electricity annually, saving 496 million cubic meters of natural gas and preventing the emission of about 1 million tonnes of carbon per year.

The Baku Energy Forum, a cornerstone of the annual energy week, is set to host over 600 participants this year, delving into a wide array of pertinent topics. From "International Cooperation for Energy Security and Sustainability" to "New Technologies and Digitalisation," the forum will serve as a platform for robust discussions on critical energy challenges and opportunities.

With a record-breaking 77 speakers slated to grace the conference panels at the Congress Centre, the event promises unparalleled insights from industry experts and thought leaders. Notably, a dedicated panel on green energy, chaired by Deputy Energy Minister Elnur Soltanov, will take centre stage on June 6. This session holds particular significance as it aligns with Azerbaijan's commitment to sustainable energy development and its role as the host country for the upcoming UN COP29 climate conference in November. Attendees can expect dynamic discussions on the transition to green energy and the pivotal role of renewables in combating climate change.

Caliber.Az