Azernews.Az

Ulviyya Poladova

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Azerbaijan's strong geological potential and growing opportunities for exploration could position the country for a new phase of energy development.

AzerNEWS informs that John Wallace, Chairman and CEO of DeGolyer & MacNaughton said this during the 31st Baku Energy Forum.

Reflecting on the challenges that have reshaped global energy markets in recent years, Wallace noted that the industry has undergone a series of unprecedented disruptions. The COVID-19 pandemic significantly affected supply chains and reduced energy demand worldwide, while geopolitical tensions, particularly the conflict between Russia and Ukraine, transformed energy into a strategic and political instrument.

Against this backdrop, Wallace highlighted Azerbaijan's advantages in the hydrocarbons sector. He pointed out that the country possesses high-quality reservoirs, which are often associated with strong source rock potential.

According to him, the next chapter of Azerbaijan's energy story may be driven by increased exploration efforts focused on unlocking additional resources from geological formations.

Wallace also noted that international market dynamics could further support investment in new exploration projects. He explained that in the United States, much of the available acreage has already been acquired, forcing companies seeking growth to look beyond domestic markets.

Looking ahead, Wallace expressed optimism about both traditional energy exploration and new energy technologies, suggesting that the coming decade will be shaped by a combination of resource development, technological innovation and expanding international cooperation.