Azerbaijan’s state oil and gas company is planning to increase new production of fossil fuels at the same time as Baku pushes other countries for climate action as host of the UN COP29 summit starting this week, new analysis shows.
Forty-four per cent of Socar’s production will be new oil and gas by 2050, the second highest of any national oil company in the world, according to a report by campaign group Global Witness based on analysis of data from independent consultancy Rystad Energy. It examined how much production was expected to come from existing developments versus discovered fields that were yet to be developed, as well as undiscovered oil and gas.
The International Energy Agency said in 2023 there should be no new long-lead-time upstream oil and gas projects if the world were to limit the average global temperature rise to 1.5C above pre-industrial levels, in line with the ideal limit of the landmark Paris agreement.