The sale of Shell’s 35% stake in Cyprus Offshore Block 12 aligns with its strategy to expand its LNG portfolio.
Shell has finalized an agreement to sell its BG Cyprus Ltd subsidiary to Hungary’s MOL Group for $720 million. The deal includes a 35% non-operated interest in Cyprus Offshore Block 12, home to the Aphrodite gas field operated by Chevron’s local unit.
The transaction, subject to customary adjustments and contingent payments, follows Shell’s broader focus on growing its liquefied natural gas (LNG) value chain. Block 12’s partners include Chevron, MOL, and NewMed Energy, with the field holding significant offshore gas reserves.
Shell’s divestment reflects its ongoing portfolio optimization, prioritizing higher-margin LNG projects over upstream gas assets.