The energy resources of the Caspian Sea provide energy security not only for the region, but also for European colleagues, Vice President of the State Oil Company of the Republic of Azerbaijan (SOCAR) Babek Huseynov said.
He spoke at the ongoing SPE Caspian Technical Conference in Baku.
"We are at the crossroads of energy, transit, and trade lines in Europe, Asia, and the Middle East. Management and usage of energy and carbon resources, as well as renewable potential, have ramifications beyond this region and can influence worldwide markets. In other words, the Caspian Sea's energy resources not only guarantee energy security for the area, but also for our European counterparts, while causing no harm to the environment. Of course, the foregoing benefits would not be achievable, therefore as firms and governments involved in the energy industry, we all have an obligation to protect the environment. Furthermore, for all countries in the region, energy revenues are critical to economic development. They can fund infrastructure projects, social programs, economic diversification attempts, and living standard improvements," he stressed.
The SPE Caspian Technical Conference started today in Baku and will continue until November 23. It will bring together global industry leaders and technical experts to share perspectives on the industry and address the unique challenges and opportunities it presents.
Taking into account the key role of the Caspian region in shaping future global energy dynamics, this conference, organized with the assistance of the State Oil Company of the Republic of Azerbaijan (SOCAR), will feature an expert-selected high-level program, panel discussions on key issues facing the region, and a unique opportunity for networking with experts in oil and gas production.
The program will include an assessment of the current situation and offer important discussions for investors, operators, service company representatives, and government authorities in the region.