MVM Upstream Kft. and its branch office are members of the consortium operating in the Shah Deniz offshore natural gas and oil condensate field located in Azerbaijan. Situated approximately 70 km southeast of Baku, Shah Deniz is one of the world’s largest natural gas fields, with an annual production capacity of around 27 billion cubic meters of natural gas and approximately 30 million barrels of oil condensate, and holds significant hydrocarbon reserves. Shah Deniz is a partnership without corporate form and legal personality, operated by BP on behalf of the current owners. The gas extracted from this deepwater field is sold by the consortium under long-term agreements to Azerbaijani, Georgian, Turkish, and European partners via pipelines, while the oil condensate is marketed by the individual consortium partners.