03 Aug MOL Group to acquire BG Cyprus Ltd.
(Oilandgaspress) 03/08/26, – MOL Group has signed an agreement with Shell to acquire BG Cyprus Ltd., their 100% subsidiary which holds a 35% non-operated interest in the Cyprus Offshore Block 12 containing the Aphrodite gas field in the eastern Mediterranean. The transaction provides MOL Group with a major de-risked development project in the EU andrepresents the biggest growth opportunity for E&P since acquiring a 9.57% stake in the ACG field in Azerbaijan in 2019.
Aphrodite is a deepwater gas development project in Cyprus’ Block 12 in the Eastern Mediterranean. Discovered in 2011 and appraised through subsequent drilling campaigns, it is estimated to hold around 104 bcm (632 MMBoe) of contingent gas and 8 MMbbl condensate resources.
MOL Group will join world-class companies such as Chevron as Operator (35%) and Israel’s NewMed (30%) – both have extensive deepwater experience in the Eastern Mediterranean region.
The development plan of the field includes the drilling of four wells and the establishment of an independent floating production facility to be located in the Eastern Mediterranean. Final investment decision is planned in 2027, with first gas expected in 2031. The project also includes the construction of a 250-km subsea pipeline linking the field to Egypt’s gas transmission network.
The total consideration payable by MOL Group for the transaction is up to USD 720 million (subject to adjustments at closing) including contingent payments that reflect key milestones of project execution.
The transaction is expected to complete in early 2027, subject to regulatory approvals and closing conditions.
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