SOCAR Green, Schlumberger launch geothermal energy development projects in Azerbaijan

SOCAR Green, a subsidiary of Azerbaijan's State Oil Company (SOCAR), has entered into a partnership with global oilfield services giant Schlumberger (SLB) to explore the potential of geothermal energy in Azerbaijan.

The agreement was finalized during the COP29 conference, as announced by SOCAR Green in a statement shared on LinkedIn, per Caliber.Az.

"We are delighted to share that on the sidelines of COP29, SOCAR Green and SLB signed a Memorandum of Understanding (MoU) for the development of Geothermal Energy Projects in Azerbaijan," the statement reads.

The MoU was signed by SOCAR Vice President Afghan Isayev and Gavin Rennick, President of the New Energy Division at Schlumberger.

According to SLB's social media update, the company will provide comprehensive technical support to SOCAR Green throughout all stages of the geothermal energy projects.

"The Karabakh region has vast potential for geothermal energy, and SLB's consulting group, GeothermEx, will collaborate with SOCAR Green to assess areas for development in this field," the announcement notes.

Let's also recall that SOCAR is also planning the construction of a 100 MW wind power plant in the Lachin region in partnership with Masdar, a company from the United Arab Emirates. These projects highlight SOCAR’s commitment to enhancing energy security and sustainability in the region.

On October 2, SOCAR Green, bp and the Azerbaijan Investment Company (AIC) signed a trilateral agreement to collaborate on the construction of the Shafaq solar power plant in Jabrayil, which will have a capacity of 240 MW. This project aims to support Azerbaijan's green transition by attracting foreign direct investment, enhancing the region's energy supply through solar power, promoting economic development in Jabrayil, and reducing carbon emissions in the Caspian Sea and at the Sangachal terminal.

By Khagan Isayev