UK major Shell is to exit Cyprus’ 3.7tcf Aphrodite gas project after agreeing to sell its 35% stake to Hungary’s MOL Group for up to $720mn, capping a competitive sales process that MEES revealed exclusively in May (MEES, 1 May). The consideration implies a valuation of more than $2bn for the project.
The 31 July agreement covers Shell’s wholly owned subsidiary BG Cyprus, which holds a 35% non-operated interest in offshore Block 12. The transaction is expected to complete in early 2027, subject to regulatory approvals, with MOL assuming all of Shell’s rights and obligations. (CONTINUED - 916 WORDS)
