Huseynzade said about the company's goal towards carbon neutrality:
- We have been working on that from 2010 within the framework of the World Bank's Global Gas Flaring Reduction (GGFR)
- Carbon emissions from SOCAR's fields stood at 9% to 10% in 2012 but have declined to 2% recently
- In 2022 we will reach carbon neutrality
Some emissions not directly related to output will still be generated.
SOCAR produced 6.58 million tonnes of oil and 6.55 billion m3 (bcm) of gas in its own fields between January and October, or around a 5th of the country's total oil and gas output.
To reduce emissions, SOCAR has been shutting down mature fields, improving infrastructure and equipment.
- Thanks to the work we have done, it's possible to capture 300,000-600,000 m3 of natural gas, which had been effectively flared before for 20 years
- SOCAR is able to increase natural gas output by up to 2 bcm per year by using ecologically friendly know-how at Neft Daslari and Gunashli shallow-water fields
Azerbaijan is the 3rd most valuable country in BP’s global portfolio after Russia and the Gulf of Mexico.