Azerbaijan, Baker Hughes explore sustainable solutions, green energy collaboration at COP29

Azerbaijan's Minister of Economy, Mikail Jabbarov, held a meeting with Lorenzo Simonelli, Chairman and CEO of Baker Hughes, during the COP29 summit.

According to the press service of the Ministry of Economy, the discussion focused on ongoing joint projects and collaboration aimed at improving production efficiency and productivity through innovative approaches and modern technologies, Caliber.Az reports.

The two sides also addressed sustainable business solutions, emission reduction activities, and partnerships in the field of decarbonisation.

Both parties highlighted the importance of effectively harnessing Azerbaijan's rich potential in green energy, adhering to international climate standards, and increasing investments in renewable energy.

The conversation also touched on advancing the energy transition and the potential role of Baker Hughes in Azerbaijan's green future, alongside opportunities for further collaboration with SOCAR.

Notably, on June 13, Baker Hughes, an energy technology company, announced that it had been awarded a contract by the State Oil Company of Azerbaijan Republic (SOCAR) to implement its advanced electric submersible pump (ESP) technology, alongside its automated field production software, Leucipa, in Azerbaijan’s oilfields. The agreement was formalised in a signing ceremony held in Baku, attended by Baker Hughes' CEO and Chairman, Lorenzo Simonelli, and SOCAR's President, Rovshan Najaf.

The initial shipment of 50 ESPs out of a total of more than 150 units is expected to arrive later this year. This cutting-edge technology, combined with the Leucipa software, will optimise SOCAR’s operations, improving efficiency and significantly reducing the need for costly workovers.

Simonelli remarked, “Baker Hughes and SOCAR have a long-standing partnership in deploying innovative solutions within the Caspian oil and gas industry. Technology plays a crucial role in advancing sustainable energy, and our proven production solutions are designed to deliver lower-cost, lower-carbon barrels with a faster cycle time for our customers."

The collaboration is set to have a substantial local impact as well. The companies will establish a joint centre of excellence in Azerbaijan, capable of manufacturing, assembling, repairing, and maintaining the ESP units. In addition, Baker Hughes will invest in training initiatives for the local workforce, further enhancing the country's oil and gas expertise.

By Aghakazim Guliyev