Giovanni Cristofoli: World needs hydrocarbons for decades to come

The Caspian region must become a global energy hub for the wider region for decades to come, BP Regional President for Azerbaijan, Georgia, and Türkiye Giovanni Cristofoli said at the SPE-2025 Caspian Technical Conference in Baku, Report informs.

"This is a long-term vision and mission. Why am I saying this? The reality is that the world needs hydrocarbons. BP recently published its Energy Outlook. If we look at the current trajectory of global demand, by 2050 the world will need about 10% more energy than today, and about half of this will come from oil and gas. Even in a scenario where temperature increase is limited to two degrees Celsius, energy demand will remain at two-thirds of today's level, and a third of this will still come from oil and gas. It's a fact: the world needs hydrocarbons for decades to come," noted Cristofoli.

He emphasized that this is precisely why the region must develop and remain an energy hub for the vast expanse between Europe and Asia.

"Look at the current infrastructure: we have a network of pipelines that deliver Caspian resources to one of the world's largest markets – Europe. I was recently in Brussels advocating for our industry, and they clearly acknowledged that Europe needs gas for many years to come. This understanding is becoming increasingly clear. We have incredible infrastructure that ensures stable supplies," he said.

Cristofoli noted that the Caspian's most important advantages are not only its infrastructure but also its people.

"Qualified personnel, their competencies, and collaboration with universities are fundamental factors that give the region enormous potential to become a major energy hub," he said.

Furthermore, he emphasized the role of partnerships in supply chains and interest in new formats of cooperation.

"We're seeing a desire to work with suppliers in new ways and create alliances. And, crucially, a desire to implement new technologies. People, infrastructure, a friendly supply chain, government support, and long-term energy demand are the foundations that shape the vision of the Caspian as an energy hub for decades to come," BP's regional director added.