Sale
Shell has reached an agreement to sell its 100%-owned subsidiary BG Cyprus to MOL Group for up to $720 million.
The deal is subject to customary adjustments and milestone-linked contingent payments.
BG Cyprus holds a 35% non-operated interest in the 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 (EGAS).
Shell has worked with the Government of Cyprus and the joint venture partners to progress the Aphrodite project to this point and selling to MOL Group will allow Shell to capture the value created, while the remaining project partners work towards a final investment decision.
