MOL Group has agreed to acquire Shell's wholly owned subsidiary BG Cyprus, which holds a 35% interest in Block 12 offshore Cyprus, for up to $720 million. 

The acquisition would give the Hungarian energy company a stake in the Chevron-operated Aphrodite gas field, one of the eastern Mediterranean's largest undeveloped offshore gas projects. The transaction is expected to close early next year, subject to regulatory approvals and customary conditions. 

Located about 170 km southeast of Cyprus, the deepwater Aphrodite Field was discovered in 2011 by Noble Energy, later acquired by Chevron. The field contains estimated contingent resources of 632 MMboe of natural gas and 8 MMbbl of condensate. 

Chevron (35%), BG Cyprus (35%) and NewMed Energy (30%) have proposed a development concept involving four production wells tied back to a floating production facility. Gas would be exported through a new 250-km subsea pipeline connected to Egypt's gas transmission network, with all production destined for Egyptian Natural Gas Holding Co. (EGAS). 

Front-end engineering and design (FEED) work on the revised development concept began in December 2025 following a request from the Cypriot government. Subject to a final investment decision (FID) in 2027, first gas is expected in 2031. 

MOL described the acquisition as a rare opportunity to participate in a de-risked development project within the EU and its largest upstream growth opportunity since acquiring a 9.57% interest in bp's Azeri-Chirag-Gunashli (ACG) Field offshore Azerbaijan in 2019. 

The purchase price includes contingent payments that Shell could receive as the project achieves specified milestones. 

MOL Group Chairman and CEO Zsolt Hernádi said the transaction aligns with the company's strategy of expanding its international upstream portfolio while strengthening partnerships with major industry operators. 

Shell, which inherited the Aphrodite stake through its acquisition of BG Group in 2016, said the project remains an attractive development opportunity that can help meet regional energy demand. The company said the divestment reflects its ongoing portfolio optimization efforts and focus on opportunities that strengthen its integrated LNG value chain.