SOCAR engages Baker Hughes, SLB to explore geothermal energy potential in Azerbaijan
BAKU. Nov 21 (Interfax) - SOCAR Green, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR) for green energy projects, and the U.S.-based Baker Hughes Co. oilfield services company have agreed to cooperate in the area of geothermal energy, Baker Hughes executive vice president Amerino Gatti said on social media.
Gatti said that the corresponding agreement was signed as part of the UN Framework Convention on Climate Change COP29 held in Baku. Baker Hughes will work with Azerbaijan to identify and assess the country's geothermal potential for further development as part of the agreement.
Geothermal energy has incredible potential to provide baseload renewable energy in the future, and developing these resources requires collaboration. Azerbaijan has committed to reducing greenhouse gas emissions by 35% by 2030 and will use its own renewable energy sources to reach the goal. Geothermal energy will be a valuable solution, Gatti said.
SLB GeothermEx, a division of SLB and formerly Schlumberger, said on social media that it had signed an agreement with SOCAR Green on geothermal exploration in Azerbaijan as part of COP29.
"SOCAR Green has engaged SLB GeothermEx as a consultant to assess the potential of promising geothermal areas in the Karabakh region of Azerbaijan. The Istisu Valley, Garagol, and the Zuar hot spring have been identified as having significant potential for geothermal energy development, and an exploration program has been developed," according to the statement.
As noted, SLB will provide comprehensive technical support at all stages of SOCAR Green's geothermal projects, including initial surveys, preliminary feasibility studies, detailed design, construction, operation, and further expansion.
SOCAR in turn reported that it also signed a contract with Baker Hughes at the COP29 to implement a comprehensive gas recovery and hydrogen sulfide removal system at Baku Oil Refinery, which should significantly reduce the volume of flaring.
Implementing the project with full commissioning of the system should require 24 months. Launching the system should allow extracting up to 7 million cubic meters of methane per year and additionally reducing carbon dioxide emissions by 11,000 tonnes per year. This should allow SOCAR to use the extracted gas, which would otherwise be flared, as fuel for the refinery, which, among other matters, should reduce the refinery's operating costs.