Equinor made a presentation on energy perspectives at the Ministry of Energy

A meeting with the delegation led by the Senior Vice President of Equinor Eric Vaerness was held at the Ministry of Energy. Deputy Minister of Energy Samir Valiyev praised Equinor's (former Statoil) long - term activities in Azerbaijan as one of the first foreign oil companies to invest in Azerbaijan. It was noted that, alongside of cooperation with Equinor in the Garabagh field, Ashrafi-Dan Ulduzu-Aypara, the implementation of joint projects in the development of the renewable energy sector is one of the priorities.

Afterwards Eric Vaerness, Senior Vice President of Equinor, demonstrated the presentation on "Energy Perspectives 2018". It was noted that the future of energy is closely related with reforms in oil and gas industry in order to achieve efficient energy supply for reduction of carbon emissions, to ensure cheap, reliable, sustainable energy use for all. The forecast of energy consumption for 2050, prepared on the basis of different scenarios, has been discussed taking into consideration the projected figures on the share of oil and gas resources and renewable energy sources in the future, the efficient use of energy resources and the environmental impact of new technologies on reduction of waste disposals.

Demand for electricity, oil and gas in residential, transportation, industrial and other sectors has been compared for the period of 2015-2050 taking into consideration the forecast of broader use of solar and wind energy as a result of economic growth and increase in demand for energy. It was noted that in the future the demand for oil will be formed by the transportation sector, and the demand for gas will be generated by electricity production. In all scenarios, expected investments in the oil and gas sector will be less than renewable energy sources.