SOCAR received a profit of 3 million manat ($1.76 million) from the sale of carbon emissions, the company said. SOCAR has certified emissions from oil and gas production for the first time as part of the Upstream Emission Reduction (UER) project.

“This project, along with a significant reduction in emissions in the oil and gas sector, has created conditions for additional economic benefits. Due to the implementation of the project, the volume of emissions in the amount of 14.5 thousand tons in carbon equivalent was certified and sold, SOCAR’s profit amounted to 3 million manat,” the company notes.

SOCAR points out that the certification and sale of the specified volume of carbon emissions became possible as a result of the implementation of the project jointly with the Norwegian company Carbon Limits.

“As part of this project, monitoring was carried out at the fields of the oil and gas production departments of Bibiheybatneft, named after. Amirov, G.Z. Tagiev, N. Narimanov and Absheronneft, as a result of which sources of leaks were discovered and measures were taken to eliminate them,” the information says.

According to SOCAR, the UER mechanism is an effective tool to achieve a significant reduction in greenhouse gas emissions in the chain of oil and gas operations.

Source: Turan News Agency