Key facts
- Shell is selling its 35% stake in the Aphrodite gas field.
- The Aphrodite gas field is located offshore Cyprus.
- Hungary's MOL Group is acquiring the stake from Shell.
- The sale price for the stake is $720 million.
- Shell's subsidiary BG Cyprus is being sold as part of the deal.
- The sale aligns with Shell's strategy to focus on its LNG value chain.
Shell has reached an agreement to divest its 35% interest in the Aphrodite gas field, located offshore Cyprus. The buyer is Hungary's MOL Group, which will acquire Shell's subsidiary, BG Cyprus, for a sum of $720 million. This transaction is a component of Shell's broader strategic initiative to streamline its operations and prioritize its liquefied natural gas (LNG) value chain. The Aphrodite field is a significant natural gas discovery in the Eastern Mediterranean. MOL Group's acquisition of this stake represents a notable expansion for the Hungarian energy company in the region. The deal underscores ongoing shifts in the global energy landscape as companies re-evaluate their portfolios and strategic focuses. Shell's move away from certain upstream assets aligns with a trend of major energy firms optimizing their investments towards core competencies and future growth areas like LNG. The specifics of the transaction, beyond the sale price and stake percentage, are not detailed in the provided information.