SOCAR, US consulting firm explore partnership on geothermal energy, carbon capture

The State Oil Company of Azerbaijan Republic (SOCAR) has held talks with the Texas-based petroleum consulting company, DeGolyer and MacNaughton, on the development of geothermal energy and technologies of carbon capture, utilization and storage (CCUS).

The discussion took place during a meeting between SOCAR President Rovshan Najaf and Chairman and CEO of DeGolyer and MacNaughton John Wallace, Caliber.Az reports, citing SOCAR.

The meeting saw the parties express satisfaction with the successful partnership and discussed such areas as optimization of field development plans, refinement of reserves, preparation of integrated models, as well as others.

In a related development, on November 25, a key agreement was signed between SOCAR's subsidiary, SOCAR Green, and Schlumberger (SLB), a global leader in oilfield services. The Memorandum of Understanding (MoU) will pave the way for the development of geothermal energy projects in Azerbaijan. Under this agreement, SLB will offer comprehensive technical support to SOCAR Green through all stages of the projects, which marks a significant step towards diversifying Azerbaijan's energy portfolio.

In addition to this, SOCAR has ambitious plans to invest in renewable energy. Notably, the company is working on a 100 MW wind power plant in the Lachin region in collaboration with Masdar, a renewable energy company from the UAE. These renewable energy projects underscore SOCAR’s broader goal of boosting energy security and promoting sustainability in the region.

Moreover, SOCAR Green’s commitment to renewable energy is also evident from a trilateral agreement signed earlier this year, on October 2, between SOCAR Green, bp, and the Azerbaijan Investment Company (AIC) for the construction of the Shafaq solar power plant in Jabrayil. With a planned capacity of 240 MW, this project will support Azerbaijan's green transition, enhance the country’s energy supply through solar power, attract foreign direct investment, and contribute to economic development in the Jabrayil region, while reducing carbon emissions.

By Khagan Isayev