Shell Sells Cyprus Gas Field Stake to MOL Group

Shell agreed to sell its wholly owned subsidiary, BG Cyprus, to MOL Group for up to $720 million. The transaction transfers Shell's 35% non-operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field in the eastern Mediterranean.

The deal is expected to close in early 2027, pending regulatory approval. This divestment follows the advancement of the Aphrodite field toward a final investment decision. The project's development strategy includes drilling four production wells and installing a 250km subsea pipeline to transport gas to Egypt's gas transmission network.

Shell stated that the decision to exit the project is part of a disciplined capital allocation strategy intended to focus on its integrated LNG value chain. Joint venture partners in the project include Chevron Cyprus, which holds a 35% operating stake, and NewMed Energy, which holds 30%.