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Hungarian energy company MVM Group has agreed to acquire a 5% stake in the Shah Deniz gas-condensate field offshore Azerbaijan from Southern Gas Corridor (SGC), an Azerbaijani state-owned entity.

The financial terms of the sale and purchase agreement were not disclosed. The deal was signed by the parties during the Baku Energy Week in Azerbaijan.

As part of the deal, MVM Group will also acquire a 4% stake in Azerbaijan Gas Supply (AGSC). The latter serves as the exclusive special-purpose vehicle responsible for the marketing and sale of natural gas drawn from the Shah Deniz field.

MVM Group stated: “The transaction is fully in line with the diversification efforts of the European Union, as well as with the national energy strategy and the growth strategy of MVM Group.”

The current stake holders in the offshore field are BP (29.99%), SGC (21.02%), Lukoil (19.99%), TPAO (19%), and NICO (10%). After closing of the deal, SGC will retain a participating interest of 16.02% in the gas-condensate asset.

SGC stated: “The transaction is a further testament to Azerbaijan’s key role in European energy security aimed at long-term cooperation and marks the entry of a new energy player in Azerbaijani oil and gas market.”

BP is the operator of the field, which is located on the deepwater shelf of the Caspian Sea, nearly 70km southeast of Baku.

The Shah Deniz, discovered in 1999, stands as one of the world’s largest natural gas-condensate fields. Its facilities have the capacity to yield up to 29 billion cubic meters of natural gas and approximately 60 million barrels of condensate annually.

Since its inception, it has contributed over 218 billion cubic meters of natural gas and 371 million barrels of condensate. The extracted natural gas is transported via pipelines to Azerbaijani, Georgian, Turkish, and European partners, facilitated by long-term gas sales and transportation agreements with AGSC.

Subject to the meeting of preceding conditions, the deal is anticipated to close in Q3 2024.