Vice President: SOCAR accelerates oil and gas exploration

Taking into account the long-term growth of energy demand in Azerbaijan, the State Oil Company of Azerbaijan (SOCAR) is accelerating its oil and gas exploration activities, SOCAR Vice President Arzu Javadova stated during panel discussions on the second day of Baku Energy Week, Report informs.

Javadova mentioned that SOCAR's main goal is to reassess existing exploration opportunities, build a portfolio of promising projects, and prioritize those ready for implementation: "SOCAR evaluates projects based on various criteria, planning to carry out some independently, while developing others with potential investors under a risk- and cost-sharing principle."

She noted that a strong team of geologists, geophysicists, and other specialists has been formed, new tools introduced, processes established, and data rooms created: "Thanks to the data rooms established last year, investor interest has significantly increased. Several agreements have been signed, negotiations on others are ongoing, and new deals will be announced soon."