World Bank Country Manager for Azerbaijan Larisa Leshchenko, and Azerbaijan State Oil Company (SOCAR) Vice-President for Environment Ms. Rafiga Huseynzade have signed Administrative Agreement between SOCAR and Global Gas Flaring Reduction Partnership (GGFR), led by the World Bank, marking the start of 4th phase of cooperation between the Company and Partnership.
GGFR is a global partnership of oil producing countries and major oil companies committed to work together to reduce associated gas flaring and venting in member countries. Since joining the Partnership in 2008, SOCAR has developed and started implementation of the Associated Gas Reduction Plan. Implementation of the Plan has allowed SOCAR to collect and deliver to end users over 500 million cubic meters of associated gas, and by that, prevent venting of 8 million tons of CO2 equivalent.
“SOCAR is one of the key partners of GGFR in the region. The company has implemented a number of projects to reduce gas flaring volumes and bring associated gas to consumers. During the GGFR Global Forum in November 2012 in London, SOCAR’s projects were recognized with the GGFR Partnership’s “Award of Excellence”, said Larisa Leshchenko, World Bank Country Manager in Azerbaijan.
As part of the new phase of cooperation, GGFR will continue its participation in the high-level with SOCAR on cooperation for associated gas flaring reduction, particularly for the potential utilization of flared gas from the offshore Azeri-Chirag-Guneshli (ACG) oilfield. The Partnership will assist SOCAR to enhance measurement procedures and reporting systems for flared and vented associated gas volumes. In addition, GGFR will provide assistance to SOCAR and the Ministry of Ecology and Natural Resources on further improvement of the existing gas flaring reduction legislation and regulations.