SOCAR plans to slash gas flaring by 2030, aims for carbon neutrality by 2050

Azerbaijan's state-owned oil company SOCAR plans to completely eliminate gas flaring in its production processes by 2030.

These remarks were made by SOCAR's Vice President, Teymur Guliyev, during public hearings at the Parliament's Committee on Natural Resources, Energy, and Ecology, Caliber.Az reports via local media.

According to him, international practices outline nine key stages of decarbonization in industry, and in the next 5-10 years, SOCAR will focus on five key tools.

“The company is already taking measures to improve energy efficiency, use green electricity sources, and prevent methane emissions into the atmosphere. Decarbonization is not always an additional cost; on the contrary, the collected methane can be stored and sold on the international market,” said Guliyev.

He noted that by 2030, SOCAR intends to reduce the intensity of emissions in upstream operations by 30% compared to 2022. By 2035, the company plans to reduce emissions from its direct assets by 20%, and total emissions across all assets by 30%.

The ultimate goal of SOCAR is to achieve carbon neutrality by 2050, Guliyev added.

By Khagan Isayev