SOCAR Green, a subsidiary of Azerbaijan's State Oil Company, has agreed to cooperate with the biggest oilfield services company Schlumberger (SLB) at COP29 to jointly study the country's geothermal energy potential, Report informs.
"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," reads the report.
"The document was signed by SOCAR Vice President Afghan Isayev and SLB's New Energy Division President Gavin Rennick.
According to SLB's social media information, under the Memorandum, the company will provide comprehensive technical support to SOCAR Green at all stages of geothermal projects.
"The Karabakh region has enormous potential for geothermal energy, and SLB's GeothermEx consulting group will collaborate with SOCAR Green to assess areas for development in this field," reads the statement.