Hungarian Energy Giant MVM Invests in World’s Largest Deep-Sea Gas Field

The Hungarian energy company, MVM Group, has acquired a stake in one of the world’s largest deep-sea natural gas fields. This follows the completion of a transaction between MVM and the Azerbaijani state-owned Southern Gas Corridor CJSC. Through this agreement, MVM gains a 5% share in the production sharing agreement of the Shah Deniz offshore gas and condensate field located in Azerbaijan. Additionally, MVM acquired a 4% stake in the Azerbaijan Gas Supply Company (AGSC), the exclusive gas trading company responsible for selling natural gas produced from the Shah Deniz field. This strategic investment significantly expands MVM Group’s international presence and diversifies its position in the natural gas value chain. The acquisition aligns with the European Union’s diversification goals, Hungary’s national energy strategy, and MVM Group’s growth strategy. The Shah Deniz field, discovered in 1999, is situated 70 kilometers southeast of Baku and has the capacity to produce approximately 29 billion cubic meters of natural gas and around 60 million barrels of condensate annually. The field boasts substantial hydrocarbon reserves and has been in stable and reliable production for nearly two decades, producing over 225 billion cubic meters of gas and 380 million barrels of condensate to date.