While oil has historically been the main driver of the upstream sector in the Caspian region, that trend is undergoing a major shift. In fact, gas is the new oil here, said Aditya Saraswat, Research Director, MENA for Rystad Energy, in an interview with DC at the 2024 IADC Drilling Caspian Conference in Baku, Azerbaijan, on 9 February. Natural gas will shape the future of upstream activities in this region, with immediate upside opportunities available due to existing infrastructure. In this video, Mr Saraswat also provides his perspective on how this region can become even more competitive for upstream investments, as well as factors he sees as limiters to further growth.
The 2024 IADC Drilling Caspian Conference & Exhibition was held 8-9 February in Baku, Azerbaijan. The conference brought together industry leaders and drilling professionals to share experiences and best practices, and to discuss current regional challenges such as:
- Changing market conditions
- Pandemic operational challenges
- Workforce development
- Drilling efficiency
- Safety and security
- Equipment maintenance
The conference highlighted case studies of relevant technical achievements, the impacts of Oil & Gas on the Caspian Region, and cutting-edge technology advancements, including drilling automation. Additionally, the event also covered evolving approaches to safety and training, providing practical information on new tools and processes that can be used to improve HSE performance.
