Shell to Sell BG Cyprus to Hungary's MOL Group for Up to $720 Million

By Adria Calatayud

Shell said it agreed to sell its BG Cyprus subsidiary, which holds a stake in the Aphrodite natural-gas field in the eastern Mediterranean, to Hungary's MOL Group for up to $720 million.

The U.K. energy major said Friday that the sale would allow it to capture value created and focus on opportunities that strengthen its liquefied natural gas operations.

Through BG Cyprus, Shell held a 35% interest in the Aphrodite gas field, which is operated by Chevron and also counts Israel's NewMed as a backer with a 30% stake.

MOL separately said the deal would allow it to expand its international portfolio. A final investment decision on the Aphrodite gas field is planned in 2027, with first gas expected in 2031, it added.

"This project represents the most promising growth opportunity for MOL Group's [exploration and production] business since acquiring a stake in the giant ACG field in Azerbaijan in 2019, and I am confident it will play a key role in shaping our future business lines," Chairman and Chief Executive Zsolt Hernadi said.

The deal is expected to close in early 2027, subject to regulatory approval, the companies said.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

July 31, 2026 02:45 ET (06:45 GMT)