Baku: In 2050, about 10% more energy will be needed than today, and about half of it will be oil and gas, Giovanni Cristofoli, BP’s regional president for Azerbaijan, Georgia, and Trkiye (AGT), said during his speech at the SPE Caspian Technical Conference, APA-Economics reports.

According to Azeri-Press News Agency, Giovanni Cristofoli emphasized the ongoing necessity for oil and gas, stating that these resources will be needed for decades to come. He highlighted the importance of the Caspian region in maintaining its role as an energy hub for the broader area.

“We have a pipeline system that transports our products from the Caspian region to Europe, one of the largest markets in the world,” Cristofoli noted, underlining the strategic significance of the existing infrastructure that connects the region’s energy resources to Europe.