Shell has agreed to sell BG Cyprus Limited, which holds a 35% non-operated interest in Cyprus Offshore Block 12, containing the Aphrodite gas field in the eastern Mediterranean. All produced gas is expected to be sold to the Egyptian Natural Gas Holding Company.
The Aphrodite joint venture is operated by Chevron Cyprus, which holds a 35% interest. NewMed Energy holds a 30% non-operating interest. Upon completion, MOL will assume Shell’s rights and obligations associated with the interest.
BG Group acquired the Aphrodite interest in 2015 through BG Cyprus, which became a Shell subsidiary following Shell’s acquisition of BG Group in February 2016. In 2025, the government of Cyprus and the Aphrodite co-venturers agreed to a development and production plan for the field, including a floating production unit. A final investment decision has not yet been taken.
The deal is expected to complete in early 2027, subject to regulatory approval and closing conditions.
KEY QUOTE:
“We believe Aphrodite remains an attractive development opportunity and will play an important role in supporting regional energy needs. Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain.”
Cederic Cremers, Integrated Gas President, Shell
