Shell Sells Cyprus Gas Stake to MOL for $720 Million
The $720 million deal gives MOL a 35% stake in the Aphrodite gas field as Shell narrows its portfolio to LNG assets.
- On Friday, British oil major Shell agreed to sell its BG Cyprus unit to Hungarian firm MOL Group for up to $720 million, sharpening its focus on LNG operations.
- Integrated Gas President Cederic Cremers stated the exit reflects disciplined capital allocation as Shell concentrates on strengthening its integrated LNG value chain.
- The divestment includes a 35 per cent non-operating interest in the Aphrodite gas field located in a Cyprus offshore block, transferring to MOL upon the deal's expected 2027 completion.
- Shell reported Thursday that second-quarter net profit more than doubled to $9.84 billion, with its integrated gas business contributing $2.7 billion despite a 31 per cent production decline.
- Capitalizing on rising global fuel demand, Shell confirmed Thursday it will make a final investment decision on its Canada LNG project phase 2 by the end of 2026.
24 Articles
24 Articles
Shell announced that it agreed to sell its subsidiary BG Cyprus, which holds a stake in the Aphrodite natural gas field in the east of the Mediterranean, to the Hungarian group MOL for up to $720 million. Exclusive material for subscribers. To have full access, access the link of the material and register.
Shell exits Cyprus Aphrodite gas field in $720m deal
Energy company Shell said on Friday it had agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million, as the British oil major sharpens its focus on LNG operations. BG Cyprus’ 35 per cent non-operated interest in a Cyprus Offshore block, home to the Aphrodite […]
Shell Sells Cyprus Gas Stake to MOL for $720 Million
Shell has agreed to sell its wholly-owned subsidiary BG Cyprus Ltd to MOL Group of Hungary for $720 million, as the UK-based oil and gas supermajor targets to grow its LNG value chain. Shell on Friday announced the agreement with MOL Group for the sale of BG Cyprus, which holds a 35% non-operated interest in the Cyprus Offshore Block 12, subject to customary adjustments and milestone-linked contingent payments. Block 12 contains the Aphrodite ga…
The transaction is expected to close in the first half of 2027.
It will have a joint interest in a deep-sea gas field with the American Chevron and the Israeli NewMed.
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
