MOL Acquires Shell’s Aphrodite Gas Field Stake in Deal Valued Up to $720 Million
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**MOL Group Expands Mediterranean Footprint with $720 Million Aphrodite Gas Field Acquisition**
MOL Group has reached an agreement to purchase Shell’s 35% non-operated stake in the offshore Cypriot Aphrodite natural gas field for up to $720 million. This acquisition significantly boosts MOL’s international upstream presence by adding a major deepwater gas asset in the Eastern Mediterranean to its portfolio.
The deal involves acquiring BG Cyprus Ltd., a wholly owned subsidiary of Shell that holds the 35% working interest in Cyprus Offshore Block 12. The final transaction amount is subject to standard closing adjustments and performance-linked milestone payments. The deal is projected to close in early 2027, subject to securing the necessary regulatory clearances.
Initially discovered in 2011, the Aphrodite field holds an estimated 104 billion cubic meters (632 million barrels of oil equivalent) of contingent gas resources alongside 8 million barrels of condensate. Once the transaction is finalized, MOL will partner with block operator Chevron (holding a 35% stake) and NewMed Energy (holding the remaining 30%).
The development strategy, greenlit by the government of Cyprus in 2025, outlines the drilling of four production wells, the installation of a standalone floating production unit (FPU), and the construction of a 250-kilometer subsea pipeline. This pipeline will deliver the gas to Egypt for distribution via the Egyptian Natural Gas Holding Company (EGAS). Partners aim to reach a final investment decision by 2027, targeting first gas delivery in 2031.
Zsolt Hernádi, Chairman and CEO of MOL, noted that this transaction marks the company’s most significant exploration and production expansion since its 2019 entry into Azerbaijan’s Azeri-Chirag-Gunashli (ACG) field, aligning with MOL’s broader international growth strategy.
For Shell, the sale aligns with its ongoing capital discipline and portfolio restructuring. Cederic Cremers, Shell’s Integrated Gas President, commented that while Aphrodite remains a highly viable development for regional energy security, Shell’s exit reflects a strategic focus on high-value opportunities that bolster its integrated liquefied natural gas (LNG) value chain.
Shell originally inherited its share in the Aphrodite field during its 2016 acquisition of BG Group. Once the sale closes, MOL will take over all rights and commitments tied to the offshore license.
