The Shah Deniz gas and condensate field, which was discovered in 1999, is located 100km south of Baku at a depth of 600 meters in the Caspian Sea. Recoverable reserves of the field are 22.1 trillion cubic feet of gas and 750 million barrels of condensate, with potential for further hydrocarbons at deeper horizons. The Shah Deniz Field is operated by BP which has a share of 25.5%. Other partners are Statoil Azerbaijan (25.5%), SOCAR Azerbaijan (10%), Elf Petroleum Azerbaijan (10%), LukAgip N.V. (10%), Oil Industries Engineering & Construction (10%), Turkish Petroleum Overseas Company Limited (9%).