BAKU, Azerbaijan, June 2. National oil
companies in Middle Eastern countries will focus on protecting
revenue streams and reducing the carbon intensity of their
operations over the next three to five years, Partner, Strategy and
Operations at Deloitte, Alexios Zachariadis, said at a panel
discussion on the second day of Baku Energy Week, Trend reports.
According to him, the geopolitical conflicts that have taken
place in recent years, especially the events in the Middle East,
have shown that energy security is no longer a secondary issue.
Energy security has now become one of the main investment factors
both at the management level of companies and in the strategic
decisions of states.
Zachariadis said that companies and governments are not backing
down from the energy transition, but are trying to phase this
process in a more pragmatic way.
"In this context, the main focus is on maintaining the
reliability of energy supply, maintaining commercial revenues, and
decarbonizing businesses. Currently, five main investment trends
are observed in the energy sector.
These include increasing reliability in the production sector
and creating backup capacities, accelerating investments in gas and
liquefied natural gas (LNG) projects, increasing investments in
storage and logistics infrastructure rather than pipelines,
improving trading operations, and integrating digital technologies
into operations.
The expert noted that companies are investing more selectively
in the downstream value chain.
"In addition, activities are continuing to decarbonize the
existing hydrocarbon system. This process includes the use of
renewable energy sources, including solar and nuclear energy,
reducing methane emissions, introducing artificial intelligence
solutions, and improving operational efficiency," he explained.
In his opinion, recent conflicts, especially the risks arising
in the Strait of Hormuz, have revealed the need for new approaches
to increasing the sustainability of energy exports. This requires
the development of new partnerships and joint infrastructure
projects between countries.
"Some countries, such as Qatar, have faced serious difficulties
in exporting LNG. Kuwait and Iraq have also been significantly
affected. Therefore, the countries of the region are considering
the possibility of closer cooperation on alternative routes and
joint infrastructure projects that bypass the existing narrow
passages. The goal is to maintain the reliability of supply for key
customers and maintain the status of a reliable partner in the
energy market," he added.
