MOL Hungarian Oil & Gas PLC

Shell has agreed to sell its wholly owned subsidiary BG Cyprus to MOL Group for up to $720 million, subject to adjustments and milestone-related contingent payments. The deal transfers Shell's 35% non-operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field with estimated contingent resources of around 104 billion cubic metres of gas and eight million barrels of condensate. The transaction is expected to close in early 2027 pending regulatory approvals, and MOL Group will assume Shell's interests and corresponding obligations. Shell said the divestment allows it to realise value created so far while the remaining partners, including operator Chevron Cyprus with a 35% stake and NewMed Energy with 30%, advance toward a final investment decision. MOL Group described the acquisition as its largest upstream growth opportunity since 2019, supporting long-term production targets and reserve growth.