Azerbaijan is a key oil and gas producer in the Caspian region. Its upstream industry is dominated by two BP-operated offshore megaprojects: the Azeri Chirag Guneshli (ACG) oil field and Shah Deniz gas-condensate field. They account for the majority of production and investment. Most liquids and gas are exported, chiefly to or via Turkey. This includes the new US$40 billion Southern Gas Corridor to Europe for Shah Deniz Phase Two. SOCAR, Azerbaijan's NOC, participates in all IOC-led projects. It also independently operates mature fields.