SOCAR plans to diversify its project portfolio by 2035

The State Oil Company of Azerbaijan (SOCAR) plans to diversify its project portfolio by 2035 through low-carbon initiatives, SOCAR deputy vice president for energy transition, environment, and decarbonization, Hikmet Abdullayev, said at a panel discussion on the third day of Baku Climate Action Week, Report informs.

"SOCAR has a clear vision of how our company will transform from an oil and gas company into a national energy company. We believe that by 2035, we will have a diversified portfolio through low-carbon projects and hydrocarbon production assets," he said.

He noted that the company also plans to reduce its own greenhouse gas emissions to a level comparable with industry peers and international standards.

"We believe that by 2050, we will fully transform into a national energy company with a strong market position, contribute to ensuring energy security, and make sufficient efforts to reduce the impact of the oil and gas industry on the climate," he added.

He added that SOCAR has developed a roadmap for each of its main assets to "achieve net zero by 2050."

"We have also formed several partnerships with international organizations to guide our further efforts to reduce methane emissions. All of this will fit into our methane artificial intelligence platform, which we are developing and which will be demonstrated at COP29," he said.

Abdullayev added that SOCAR expects to present its report under the Oil and Gas Methane Partnership (OGMP 2.0) program by May of next year.