Shell Sells Cyprus Gas Stake to MOL for $720 Million

Shell has agreed to sell its wholly-owned subsidiary BG Cyprus Ltd to MOL Group of Hungary for $720 million, as the UK-based oil and gas supermajor targets to grow its LNG value chain. Shell on Friday announced the agreement with MOL Group for the sale of BG Cyprus, which holds a 35% non-operated interest in the Cyprus Offshore Block 12, subject to customary adjustments and milestone-linked contingent payments. Block 12 contains the Aphrodite gas field, which is operated by Chevron’s local subsidiary. Chevron, MOL, and NewMed Energy, which…