The Shah Deniz is one of the world’s largest natural gas-condensate fields and was discovered in 1999.
Offshore staff
BUDAPEST, Hungary — MVM Group entered into an agreement June 5 to acquire minority interests in the Shah Deniz gas-condensate project in the Azerbaijani sector of the Caspian Sea.
Pending approvals, the company will take a 5% stake in the Shah Deniz production sharing contract from state-owned Southern Gas Corridor CJSC and 4% from the same entity in Azerbaijan Gas Supply Co. (AGSC).
This is a special-purpose vehicle that markets and sells the field’s gas production.
bp heads the joint venture producing Shah Deniz, which is located about 70 km southeast of Baku. The facilities deliver up to 29 Bcm of gas and 60 MMbbl of condensate annually.
All the gas heads through pipelines to Azerbaijan, Georgia, Turkey and Europe under long-term gas sales and transportation agreements with AGSC.
MVM Group expects to complete the deal during the third quarter.
