Shell Exits Aphrodite Gas Field with $720M MOL Group Deal

Shell has agreed to sell its BG Cyprus unit to MOL Group for up to $720 million. The deal marks Shell's exit from the Aphrodite gas field in Cyprus, which it obtained through its BG Group acquisition in 2016.

The sale is expected to close in 2027, at which point MOL will control a 35% non-operated interest in the Cyprus Offshore block containing the Aphrodite field. The transaction reflects Shell's focus on expanding its integrated liquefied natural gas operations.

Shell Integrated Gas President Cederic Cremers said the decision to exit the asset was driven by 'disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain.'