Shell to Sell BG Cyprus Stake in Aphrodite Gas Field to MOL Group
Royal Dutch Shell has agreed to sell its wholly owned subsidiary BG Cyprus and a 35% non-operated interest in the Aphrodite gas field off the coast of Cyprus to Hungary's MOL Group for up to $720 million. The deal, expected to close early next year pending regulatory approvals, includes contingent payments based on milestones. The Aphrodite field is estimated to hold around 104 billion cubic meters of contingent resources and eight million barrels of condensate. Shell acquired BG Cyprus as part of its $70 billion acquisition of BG Group in 2016. MOL will now assume Shell's stake, which was previously secured by BG the year before. The Aphrodite field is a key project for regional energy supply and has been under development since its discovery in 2011. A final investment decision (FID) on full-scale production remains pending but is expected around 2027 with first gas projected for 2031. MOL Group views the acquisition as a major upstream growth opportunity, aligning with its strategy to expand internationally and strengthen partnerships in high-quality assets. Shell cited disciplined capital allocation and portfolio optimization as reasons for exiting the project.