Shell to Sell BG Cyprus and Aphrodite Gas Stake to MOL Group

Energy major Shell has formally reached an agreement to sell its subsidiary BG Cyprus, along with its active working interest in the Aphrodite natural gas field, to the Hungary-based energy firm MOL Group.

Under the terms of the agreement, Shell will transfer its fully owned unit BG Cyprus to the international oil and gas enterprise. The transaction encompasses Shell's entire participating interest in the offshore Aphrodite natural gas discovery, which is located in the Eastern Mediterranean maritime region off Cyprus.

The planned divestment aligns with Shell's ongoing strategic efforts to streamline its portfolio, manage capital expenditure, and focus on core operational assets within its global upstream energy footprint. For MOL Group, acquiring these assets supports its broader corporate strategy to expand its international exploration and production operations into strategic gas-producing regions.

Additional financial details regarding the overall transaction value, required regulatory approvals, and the expected closing timeline were not immediately disclosed by the companies during the initial announcement.