Baku: The growing importance of security factors in the global energy market is further increasing Azerbaijan's strategic significance, said John Wallace, Chairman of the Board and Chief Executive Officer of DeGolyer and MacNaughton, during the 'Exclusive Interview with the CEO' session held as part of the Baku Energy Forum, APA-Economics reports.

According to Azeri-Press News Agency, under the current geopolitical conditions, energy security has become one of the key priorities for governments and investors. John Wallace highlighted that the challenges faced in the Strait of Hormuz could expedite the diversification of energy export routes and lead to the development of new transport infrastructure.

Wallace remarked that countries and companies are likely to collaborate on new transportation systems to overcome existing challenges, predicting an increase in pipeline projects. This development could be advantageous for Azerbaijan, given its existing connection to Europe, which enhances its role in energy security and supply reliability.

Furthermore, Wallace emphasized that the development of unconventional hydrocarbon resources will be a major focus for the energy industry over the next five to ten years. He noted that while the necessary technologies already exist, it is crucial to ensure a favorable investment climate, effective governance, and transparency to drive this growth.