MOL Group has agreed to buy Shell's Cyprus subsidiary BG Cyprus Ltd. for up to $720 million, taking on Shell's 35% non-operated stake in the Aphrodite gas field in the eastern Mediterranean. The price includes customary adjustments and payments tied to project milestones.
The asset
BG Cyprus holds a 35% non-operated upstream interest in Block 12 of Cyprus's offshore exclusive economic zone, about 170 km southeast of the island, where the Aphrodite gas field sits. Chevron Cyprus operates the block with a matching 35% interest, and NewMed Energy holds the remaining 30%. Once the deal closes, MOL will take over Shell's rights and obligations in the joint venture. All gas produced from Aphrodite is expected to go to the Egyptian Natural Gas Holding Company, known as EGAS.
Why Shell is selling
Shell's Integrated Gas President Cederic Cremers said the exit is "driven by disciplined capital allocation and portfolio choices" as the company focuses on opportunities that strengthen its integrated LNG value chain. Shell said selling to MOL lets it capture the value it built in the Aphrodite project, while Chevron Cyprus and NewMed Energy continue working toward a final investment decision on the field. Shell added that Egypt remains an important country for the company, where it continues to have a significant presence.
Timeline
The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions. BG Group first acquired the Aphrodite interest in 2015 through BG Cyprus; the subsidiary became part of Shell when Shell completed its acquisition of BG Group in February 2016. In 2025, the government of Cyprus and the Aphrodite co-venturers agreed on a development and production plan for the field that includes a floating production unit. A final investment decision on the project has not yet been taken.
