Shell agrees to sell its interest in Cyprus's Aphrodite gas field to MOL Group

Shell announced on July 31, 2026, an agreement to sell its subsidiary BG Cyprus Ltd. to the Hungarian energy giant MOL Group for up to $720 million. The transaction includes both an initial payment and performance-based incentives linked to project milestones. Through this sale, MOL will acquire a 35% non-operated interest in Block 12, which contains the Aphrodite gas field in the Cypriot Exclusive Economic Zone (EEZ).

Discovered in 2011, the Aphrodite field holds estimated reserves of approximately 104 billion cubic meters of natural gas. The development consortium currently includes operator Chevron with a 35% stake and NewMed Energy with 30%, with MOL set to replace Shell upon the completion of the deal. Shell stated that the exit is part of its broader strategy to focus on its integrated liquefied natural gas (LNG) portfolio, while emphasizing that the field remains an attractive regional development opportunity.

The completion of the transaction is expected in early 2027, subject to customary regulatory approvals and the consent of the Republic of Cyprus. The project currently proceeds under a development plan that envisions four production wells and a floating production facility, with output intended for supply to the Egyptian Natural Gas Holding Company (EGAS).