The transaction, which remains subject to customary adjustments and milestone-linked payments, hands MOL a significant non-operated interest in Cyprus Offshore Block 12. Chevron continues to operate the field, with the new ownership consortium—including Chevron, MOL, and NewMed Energy—now tasked with navigating the final investment decision required to bring the reserves into production. Output from the field is currently earmarked for the Egyptian Natural Gas Holding Company.
Shell Offloads Aphrodite Gas Stake to Hungary’s MOL for $720 Million
Shell is exiting its 35% stake in the Aphrodite offshore gas field, selling its subsidiary BG Cyprus to Hungary’s MOL Group for $720 million. The move marks a strategic shift for the UK-based supermajor as it narrows its focus toward consolidating its global integrated LNG value chain.
Shell acquired the interest in 2016 through its purchase of BG Group. Cederic Cremers, Shell’s Integrated Gas President, framed the divestment as a matter of disciplined capital allocation. The sale arrives as Cyprus positions itself as a Mediterranean energy hub, underscored by a separate move this week from Eni and TotalEnergies. Those firms greenlit the development of the Cronos gas field, aiming to deliver first gas by 2028 via existing processing infrastructure in Egypt.
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