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SOCAR’s Science Fund was established as a result of a Memorandum of Understanding signed on the 26th of May 2011 between SOCAR and the Azerbaijan National Academy of Sciences (ANAS). The main purpose of the Science Fund is to further develop fundamental and applied research projects in the field of natural and technical sciences, and scientific research in the oil, gas and petrochemical industries, guided by the state’s special care for science and scientists to stimulate their scientific activity and to create additional creative opportunities.

The Science Fund received 496 projects in 6 competitions held in 2012-2021. 154 projects were selected and fully funded by SOCAR grants. The winning projects are considered and approved by the Joint Board of SOCAR and ANAS after being selected by the Competition Commission established at ANAS.

The competitions include scientific and technical research projects, such as research and the solution of current problems in the field of Earth, technical and chemical sciences, development and application of leading technologies.

A priority among the topics to be financed in the above-mentioned scientific areas are the increase of oil yields of oil and gas fields; features of the operation of underground gas storage, improvement of technological processes to reduce internal and interlayer losses; risks that may occur in the development processes, taking into account the characteristics of oil and gas fields, the factors that create them and measures to reduce their impact; measures aimed at solving problems in the oil industry through research and the application of nanotechnologies; assessment of oil and gas potential of productive sediments developed in the country; development of methods for the detection and study of non-structural traps; paraffin, resin, asphaltene and sand deposition problems in oil wells; corrosion protection problems; drilling, production, transportation, processing, etc. in the oil industry; application of innovative techniques and technologies (including nanotechnologies) in processes; use of modern robotics in the monitoring of onshore and offshore oil and gas facilities; problems of the application of information and communication technologies in the oil and gas complex; intelligent mechatronic systems in the oil and gas industry; ecological problems of the oil and gas complex and the environment; priority is given to the creation of advanced technologies for the production of motor fuels and oils that meet world standards, the deepening of oil refining, and so on.

Depending on the complexity of the projects, the volume of work and the implementation period, grants are provided in different amounts, from AZN 50,000 for small-scale projects to AZN 100,000-200,000 for large-scale projects.