MOL Group has strengthened its international exploration & production (E&P) portfolio by signing an agreement with Shell to acquire BG Cyprus Ltd., Shell’s wholly owned subsidiary that holds a 35 percent non-operated interest in Cyprus Offshore Block 12. The block contains the Aphrodite gas field, one of the Eastern Mediterranean’s most significant natural gas developments.

The acquisition represents the most significant growth opportunity for MOL Group’s E&P business since the company acquired a stake in the Azeri-Chirag-Gunashli (ACG) field in Azerbaijan in 2019, further expanding its presence in strategically important energy markets.

The Aphrodite project is a deepwater gas development estimated to contain approximately 104 billion cubic metres (bcm) of contingent natural gas resources, equivalent to 632 million barrels of oil equivalent (MMBoe), as well as an estimated 8 million barrels of condensate.

As a non-operating partner, MOL Group will participate in the development alongside industry leaders, including Chevron, which serves as the field operator with a 35 percent interest, and Israel’s NewMed, which holds the remaining 30 percent stake. Both companies bring extensive experience in deepwater exploration and production in the Eastern Mediterranean, supporting the continued development of the Aphrodite gas field.

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