Deal includes Shell’s 35% interest in Cyprus’s Aphrodite gas field, holding 104 billion cubic metres of contingent resources.
Shell has agreed to sell its BG Cyprus subsidiary and a 35% stake in Cyprus Offshore Block 12 to MOL Group for up to $720m. The transaction includes the Aphrodite gas field, estimated to hold 104 billion cubic metres of gas and 632 million barrels of oil equivalent.
Block 12, discovered in 2011, is part of Cyprus’s exclusive economic zone. Shell acquired the stake in 2016 via its $70bn purchase of BG Group. Chevron Cyprus and NewMed Energy remain joint venture partners in the project.
Completion is expected in early 2027, pending regulatory approvals. The field’s output is earmarked for sale to Egypt’s Natural Gas Holding Company under current plans.