Shell Unloads Cyprus Gas Stake for Up to $720m Amid LNG Focus

Shell has agreed to sell its BG Cyprus subsidiary to Hungarian energy company MOL Group for up to $720 million, as part of its strategy to concentrate capital on high-return liquefied natural gas (LNG) business.

The transaction transfers ownership of BG Cyprus, which holds a 35% non-operated interest in the offshore Block 12 license containing the Aphrodite gas field in the eastern Mediterranean. The deal is expected to close in 2027, subject to regulatory approvals and customary closing conditions.

The divestment is part of Shell's broader plan of streamlining its upstream portfolio while strengthening its leadership in LNG, a business that has become one of the company's largest earnings drivers amid growing global demand for cleaner-burning fuels and rising geopolitical concerns over energy security.