Shell sells its stake in Cyprus's Aphrodite gas field to Hungary's MOL for $720 million

Shell announced on Friday, 31 July 2026, that it has agreed with Hungary's MOL Group to sell its wholly owned subsidiary BG Cyprus Ltd for $720 million, subject to customary adjustments and milestone linked contingent payments.

BG Cyprus holds a 35% non operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field, operated by Chevron's local subsidiary. Chevron, MOL and NewMed Energy, who will be the field's new co owners, are working toward a final investment decision to develop Aphrodite, and all the gas potentially produced there is expected to be sold to the Egyptian Natural Gas Holding Company (EGAS). Shell acquired the interest when it bought BG Group in early 2016.

Cederic Cremers, Shell's Integrated Gas President, said the decision to exit was "driven by disciplined capital allocation and portfolio choices," as the company focuses on opportunities that strengthen its integrated LNG value chain. Gas discoveries offshore Cyprus have drawn interest from the majors in recent years; this week Eni and TotalEnergies took the final investment decision to develop the Cronos gas field in deep water offshore Cyprus, the country's first hydrocarbon development, expected to bring first gas to market in 2028.