Shell Unloads Cyprus Asset for $720M as it Sharpens Focus on LNG

Shell has agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million. This deal is a strategic move by Shell to focus on liquefied natural gas (LNG) operations, as the company looks to expand its LNG portfolio to capitalize on rising global demand for the fuel.

The BG Cyprus unit holds a 35% non-operated interest in the Aphrodite gas field located off the coast of Cyprus. MOL Group will take control of this interest upon the expected completion of the deal in 2027.

Shell's decision to exit the BG Cyprus unit is driven by disciplined capital allocation and portfolio choices, according to Integrated Gas President Cederic Cremers. The company aims to focus on opportunities that strengthen its integrated LNG value chain.