SOCAR explores geothermal potential, seeks experienced partner

Azerbaijan’s State Oil Company (SOCAR) is advancing its energy transition strategy with a focus on geothermal energy, alongside its broader low-carbon initiatives.

This was stated by Afgan Isayev, Vice President of SOCAR, during his speech at the Baku Climate Action Week (BCAW2025).

Highlighting SOCAR’s roadmap for transformation, Isayev noted that by 2035 the company aims to maintain a balanced portfolio, where low-carbon projects will stand alongside traditional high-carbon energy projects. “We have also rapidly developed our internal knowledge by cooperating with regional and global partners,” he said.

According to him, SOCAR has adopted a three-phase approach — learning, development, and exploitation. As part of this strategy, the company is already working with international players: “Together with Light Source and BP, we are implementing 240 megawatt projects and electrifying the Sangachal terminal. We have launched three new projects with Masdar and other partners.”

Turning to geothermal prospects, Isayev underlined that the company had already conducted studies with SLB to assess the potential and is now actively seeking an experienced partner to move the initiative forward.

“We have achieved great results in almost three years, but all this was possible thanks to cooperation. Cooperation ensures knowledge exchange and accelerates decarbonization efforts,” he emphasized.