Shell agrees sale of BG Cyprus to Hungary's MOL for up to $720m

31st Jul 2026 07:50

(Sharecast News) - Shell on Friday said it was selling its wholly owned subsidiary BG Cyprus Limited to Hungary's MOL Group for up to $720m.

BG Cyprus holds a 35% non‑operated interest in the Aphrodite gas field operated by Chevron.

Shell said all produced gas from the field is expected to be sold to Egypt's state‑owned EGAS, adding that the sale allows it to capture the value created while partners continue towards a final investment decision.

In a separate statement MOL said a final investment decision on the Aphrodite gas field is planned in 2027, with first gas expected in 2031.

Integrated gas president Cederic Cremers said the exit reflected Shell's capital‑allocation priorities and its focus on opportunities that strengthen its LNG value chain. The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.

Upon completion, MOL will assume Shell's rights and obligations associated with the interest. The Aphrodite field is operated by Chevron Cyprus, which also holds 35% with NewMed Energy owning the remaining 30%.

Reporting by Frank Prenesti for Sharecast.com