SPE conference: Fossil fuels are now important part of energy transition

The 10th International Caspian Technical Conference of Petroleum Geologists (SPE) is being held in Baku, and its first speakers - heads of leading energy companies in the region - stated that fossil fuels are currently an important part of the energy transition designed to reduce greenhouse gas emissions into the atmosphere within the framework of the UN climate agenda.

Speaking at the event, SOCAR vice president Babek Huseynov noted that "Azerbaijan is located on the territory of Europe, Asia and the Middle East to act as crossroads of energy, transit and trade routes."

In his opinion, the management and use of energy and carbon resources, as well as renewable energy potential, can have an impact on world markets.

"The resources of the Caspian Sea not only ensure the energy security of the region, but also of our European colleagues, while not harming the environment in the region," Huseynov said.

It should be recalled that the energy revenues play a crucial role in economic development, as they help finance infrastructure projects, social programs, efforts to promote economic diversity and improve living standards.

Managing director of "Total Energies for Azerbaijan", Emmanuel De-Guillebon pointed out that considering the climate agenda, it is important for companies to reduce greenhouse gas emissions.

"We have drilled the deepest well in the Azerbaijani sector of the Caspian Sea - on the Absheron. This summer we started gas production as a part of the first phase of development of this location, and greenhouse gas emissions here are less than 1 kg per barrel, which is a world-class index. We are currently negotiating with SOCAR and ADNOC on the second phase in the production of 5 billion cubic meters of gas per year. We are discussing the possibility of exporting gas from the second stage to Turkey and Europe or other possibilities of using this gas in terms of new market conditions," De-Gullebon said.

In turn, SPE representative, head of "Kappa Engineering" (part of "Schlumberger") Oliver House demonstrated on slides that the world will need fossil fuels until 2040-50, especially China and developing countries, which means that the work of oil geologists is important and in demand.

In addition, BP Vice President for Azerbaijan, Georgia and Turkey Colin Alan noted that the work in the region is very important for the company, especially for ACG and Shah Deniz, and BP is also implementing projects aimed at decarbonization - SES "Shafag".

"We are glad that SOCAR and AIC have joined the SES "Shafag" project, which will accelerate the entry into an investment solution," Alan said.