SOCAR announces decarbonization targets for next 5-10 years

The State Oil Company of Azerbaijan (SOCAR) aims to introduce the Zero Routine Flaring in all operational areas by 2030, SOCAR Deputy Vice President Teymur Guliyev said, Report informs.

Guliyev made this statement during a public hearing held by the Committee for Natural Resources, Energy, and Ecology of the Milli Majlis (Parliament) of Azerbaijan.

He noted that, in international practice, there are nine main stages for decarbonization in the industry: "SOCAR will focus mainly on five tools in the next 5-10 years. SOCAR is implementing measures to increase energy efficiency. Green sources are being used in electricity, and methane gas emissions are being prevented. Decarbonization does not always mean additional costs; on the contrary, it is possible to obtain additional income from this process. The accumulated methane gas can be stored and then exported to the international market."

According to Guliyev, by 2030, the intensity of upstream emissions will decrease by 30% compared to 2022: "SOCAR plans to reduce corporate emission intensity by 30% based on direct assets and total emissions by 20% by 2035 compared to 2022."

The deputy vice president also noted that SOCAR's target by 2050 is to achieve net zero.