State Oil Company of Azerbaijan (SOCAR) has conducted seismic survey on the salt field near Negram village in Nakhchivan Autonomous Republic (NAR), where it is planned to build a new gas storage, reads SOCAR’s statement.
According to the same information, 3-D seismic survey was conducted on the area of 27.5 sq.km to specify the possibility of building of underground gas storage in this area and 2-D seismic survey on 12.4 linear km.
The company has been working now to interpret the data. The information will be used to study the geological structure of the field.
The information reads that drilling of the exploration well No 1 has been completed on the territory.—0--
Economics
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On November 18, as part of COP29, Azerbaijan’s Deputy Minister of Energy, Orkhan Zeynalov, signed Memorandums of Understanding (MoU) in the field of "green energy" with representatives from Chinese companies "PowerChina Resources Limited" and "TBEA Co., Ltd."
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On Monday, November 18, as part of the COP29 events, Baku hosted a presentation of the Roadmap for the 'Energy Efficiency Strategy in Azerbaijan.'
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Azerbaijan produced 24.1 million tonnes of crude oil (including condensate) in the first ten months of 2024, a decline driven by reduced output at key offshore fields, according to data from the Ministry of Energy.
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Azerbaijan is preparing to unveil its Biennial Transparency Report (BTR) this week, highlighting its commitment to climate action. Environment and Natural Resources Minister Mukhtar Babayev, who also serves as the President of COP29, emphasized the importance of clear plans to meet the 1.5-degree target through enhanced Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and the BTR.
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