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Shell sells stake in Aphrodite gas field off Cyprus to Hungarian MOL
Shell has sold its 35% stake in the Aphrodite gas field off Cyprus to Hungary's MOL Group for $720 million. The deal is expected to be completed in 2027.
Global energy giant Shell has sold its holding in a major gas field in the Eastern Mediterranean to Hungary. The company has agreed to sell its BG Cyprus unit, which holds a stake in the Aphrodite gas field off Cyprus, to Hungary's MOL Group for $720 million.
Shell's Integrated Gas President Cederic Cremers said the decision was made in line with disciplined capital allocation and portfolio preferences, stating, "We are focusing on opportunities that will strengthen our integrated LNG value chain." The deal is expected to be completed in 2027.
Ownership of the Aphrodite gas field is shifting
The Aphrodite gas field is operated by the Cyprus unit of US-based Chevron, which holds a 35% stake. The remaining shares were previously split between BG Cyprus with 35% and Israel's NewMed Energy with 30%. Following Shell's sale, the 35% non-operating stake held via BG Cyprus will be fully transferred to Hungary's MOL Group.
Shell had acquired this stake in 2015 through BG Group, which it purchased in 2016.
The company also announced its financial results, revealing that its second-quarter net profit more than doubled compared to last year, reaching $9.84 billion. This record increase was driven by rising energy prices and market volatility caused by conflicts in the Middle East.
Shell's integrated gas division posted a profit of $2.7 billion, up 55% year-on-year, even though its gas production fell by 31% quarter-on-quarter. The company is focusing on expanding its LNG portfolio to capitalize on rising global LNG demand and plans to make a final investment decision on the second phase of its LNG project in Canada by the end of 2026.
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