SOCAR's overall strategy is to transition from a traditional energy company to one with a diversified portfolio that includes both low-carbon and traditional energy sources.

Azernews reports that this was made by Elchin Agakishiyev, Advisor to the President of SOCAR, on the second day of the IADC Drilling Caspian 2025 conference and exhibition.

He explained that SOCAR aims to become a diversified company that meets energy needs through a combination of traditional, low-carbon, and alternative energy sources.

"COP29 served as a strategic platform that brought together energy players, fostered commitment, advanced the global energy transition, and allowed discussions on its goals. It also showcased progress in addressing climate change, promoting innovation, and fostering international cooperation.

As a result, over 20 cooperation agreements have been signed with global partners, covering areas like digital transformation, artificial intelligence, emissions reduction, and research into alternative energy sources, such as geothermal exploration."

"One of the key issues for the oil and gas industry is the implementation of Article 6 in climate finance for methane reduction. Reducing methane emissions and regulating this process can help reduce global warming by 1.5%. Therefore, this event, organized with the Article 6 group, helps identify sources of finance," E. Agakishiyev noted.

He also highlighted the need to match the growing demand for energy with appropriate infrastructure.

"This includes the ability to handle high loads at high frequencies, the availability of both international and regional infrastructure to facilitate energy exports, and the capacity to integrate energy storage with technologies that ensure a smooth transition," he said.

"Sustainable innovation, supported by SOCAR at COP29, was another significant session, attended by over 300 startups. This session focused on the application of artificial intelligence in the energy sector. The implementation of these technological solutions can significantly reduce environmental impact," E. Agakishiyev added.