MOL Group to acquire Shell's BG Cyprus stake in Aphrodite gas field
MOL Group announced that it has signed a definitive agreement with Shell to purchase BG Cyprus Ltd., Shell’s 100 % owned subsidiary that holds a 35 % non‑operating interest in offshore Block 12 off Cyprus. The block contains the Aphrodite deep‑water gas field in the eastern Mediterranean.
The transaction is valued at up to USD 720 million, subject to contingent payments linked to project milestones. Closing is expected in the first half of 2027, subject to regulatory approval. MOL will join Chevron (operator, 35 % stake) and NewMed (30 % stake) in developing the field.
Aphrodite is estimated to contain roughly 104 billion cubic metres (632 MMBoe) of contingent gas and about 8 million barrels of condensate. The development plan calls for drilling four wells, installing an independent floating production unit and laying a 250‑km subsea pipeline to connect to Egypt’s gas transmission network. A final investment decision is slated for 2027, with first gas production targeted for 2031.
MOL’s CEO Zsolt Hernádi said the deal represents the company’s biggest growth opportunity for its exploration‑and‑production segment since the 2019 acquisition of a 9.57 % stake in Azerbaijan’s ACG field.
Entities: Aphrodite gas field · BG Cyprus Ltd. · Block 12 · Chevron · MOL Group · Shell · Shell plc
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 8 SOURCES] The final investment decision is expected in 2027 and first gas production is targeted for 2031. (All articles)
- [○ 1 SOURCE] Shell’s divestment is part of its strategic shift toward LNG assets. (e08870e3-a560-4169-ab86-d9faf66123dd)
- [● 8 SOURCES] Chevron holds a 35 % operator stake and NewMed holds a 30 % non‑operator stake in the Aphrodite project. (All articles)
- [● 9 SOURCES] The development plan includes drilling four wells, installing a floating production unit and building a 250‑km subsea pipeline to Egypt. (project_plan)
- [● 11 SOURCES] MOL will obtain a 35 % non‑operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field. (All articles)
- [● 11 SOURCES] The transaction value is up to USD 720 million, including contingent payments. (All articles)
- [● 8 SOURCES] Aphrodite is estimated to hold around 104 billion cubic metres (632 MMBoe) of gas and 8 million barrels of condensate. (All articles)
- [● 11 SOURCES] MOL Group signed an agreement with Shell to acquire 100 % of BG Cyprus Ltd. (All articles)
- [● 9 SOURCES] Aphrodite is estimated to hold about 104 billion cubic metres of contingent gas and 8 million barrels of condensate. (resource_estimate)
- [● 11 SOURCES] The transaction gives MOL a 35 % non‑operated interest in Cyprus offshore Block 12 that contains the Aphrodite gas field. (ownership)
- [● 11 SOURCES] MOL Group signed an agreement with Shell to acquire BG Cyprus Ltd., a 100 % Shell‑owned subsidiary. (owned_by)
- [● 11 SOURCES] The deal is expected to close in the first half of 2027 after regulatory approvals are obtained. (timeline)