A new strategic direction of Azerbaijan's State Oil Company (SOCAR) in the field of renewable energy will be the study of the country's geothermal resources, primarily in the liberated territories, SOCAR Vice President Afgan Isayev said at the 31st Baku Energy Forum, according to Report.
"We are exploring Kalbajar. We also express our deep gratitude to the Ministry of Energy for its support in this direction - for the development of the regulatory framework that promotes geothermal energy development, the creation of tariff mechanisms, the minimization of risks for foreign investors, and the introduction of additional de-risking tools. We have already started work in this direction. The development of geothermal energy is also included in the country's socio-economic development program until 2030. Therefore, we are very hopeful that in the near future we will be able to realize the potential that Azerbaijan has," Isayev said.
The vice president of the company noted that SOCAR shows strong interest in international projects in the so-called "electron exchange" - electricity export.
"We are eagerly awaiting the results of the feasibility studies (FS) and, of course, we are ready to participate in these initiatives. As is known, we operate in Georgia, Türkiye, and a number of other countries, and I am convinced that, relying on our resources and presence in these states, we will be able to effectively implement such projects," the SOCAR Vice President said.
The company vice president also noted that there is currently a shortage of infrastructure for offshore project implementation (projects on the continental shelf).
"At the same time, I am absolutely convinced that we are capable of overcoming this problem. The oil and gas industry has already demonstrated that by forming consortia and consolidating the efforts of all stakeholders, for example to unlock the potential of offshore renewable energy-and our potential in offshore renewables is enormous, reaching 157 gigawatts-we can replicate what was achieved in oil and gas infrastructure. We can pool resources, distribute costs and risks, and essentially build the necessary infrastructure. I am firmly convinced that this is entirely feasible and will become reality once projects such as the Trans-Caspian cable are launched," Isayev added.
