Shell sells BG Cyprus to MOL Group for up to $720 million, transferring 35 % stake in Aphrodite gas field
Type: Sale · Technology: Gas · Country: Cyprus · Value: $720M · Announced: 2026-07-31
Shell agreed to sell its wholly owned subsidiary BG Cyprus to MOL Group for up to $720 million, transferring a 35 % stake in the Aphrodite offshore gas field. The Aphrodite field, discovered in 2011, holds about 104 billion cubic metres of gas and 8 million barrels of condensate in Cyprus Offshore Block 12. The development plan includes drilling four wells, an independent floating production unit and a 250‑km subsea pipeline to connect the field to Egypt’s gas transmission network, with a final investment decision targeted for 2027 and first gas expected in 2031. MOL Group views the acquisition as its largest E&P growth opportunity since its 2019 purchase of a stake in Azerbaijan’s ACG field, strengthening its position in the Central and Eastern European energy market. Shell cited disciplined capital allocation and a focus on its integrated LNG value chain as the rationale for exiting the asset. The transaction remains subject to customary adjustments, milestone‑linked contingent payments and regulatory approvals, with completion anticipated in early 2027.
Counterparties
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