Hungary's MOL has signed an agreement to acquire BG Cyprus, a 100% subsidiary of supermajor Shell, which holds a 35% non-operated interest in the Aphrodite gas field in the eastern Mediterranean, according to Splash247. The transaction carries a total consideration of up to $720m, including contingent payments tied to key project execution milestones, and is expected to complete in early 2027. Splash247 reported that the acquisition represents MOL's biggest exploration and production growth opportunity since it acquired a 9.57% stake in the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan in 2019.
Aphrodite field and resource base
Aphrodite is a deepwater gas development project located in Cyprus's Block 12 in the Eastern Mediterranean. According to Splash247, the field was discovered in 2011 and has been appraised through subsequent drilling campaigns. It is estimated to hold around 104bn cubic metres of contingent gas and 8m barrels of condensate. These resource figures underpin the commercial scale of the development that MOL is entering.
| Field details | Information |
|---|---|
| Location | Cyprus Block 12, Eastern Mediterranean |
| Discovered | 2011 |
| Contingent gas | ~104bn cu m |
| Condensate | 8m barrels |
| MOL's acquired stake | 35% non-operated |
| Operator | Chevron |
| Other partner | NewMed (Israel) |
| Consideration | Up to $720m |
| Expected completion | Early 2027 |
| FID target | 2027 |
| First gas target | 2031 |
| Export pipeline | 250 km subsea to Egypt |
Partner structure and MOL's role
Upon completion, MOL will join operator Chevron and Israel's NewMed as partners in the Aphrodite development, Splash247 reported. The acquisition of BG Cyprus brings MOL a non-operated stake, meaning Chevron will continue to lead field operations while MOL participates in the project's economics and governance. The deal is notable for a Central European energy player seeking to diversify its upstream portfolio beyond its traditional core markets.
Development plan and infrastructure
The development plan for Aphrodite includes drilling four wells and establishing an independent floating production facility in the Eastern Mediterranean, according to Splash247. The final investment decision is planned for 2027, with first gas expected in 2031. The project also involves the construction of a 250 km subsea pipeline linking the field to Egypt's gas transmission network, providing a direct export route for the produced gas. This infrastructure component is central to the field's commercialisation and gives traders a concrete supply route to watch.
"Whilst in Central Europe we are working hard to maintain and develop the security of supply, in the southern part of Europe we are embarking on one of the most significant exploration and production projects in our history. Amid the current geopolitical uncertainties, diversifying and expanding with high-quality assets and reputable international partners are key to maintaining our resilience and competitiveness," said Zsolt Hernádi, MOL chairman and CEO, as quoted by Splash247.
Strategic and market implications
For energy commodity traders and procurement teams, the deal signals continued upstream investment in eastern Mediterranean gas supply, a region already supplying LNG and pipeline gas to European and Asian buyers. Splash247's report notes the project timeline of first gas in 2031, meaning any supply impact from Aphrodite is a long-dated factor for the Mediterranean gas balance. The dedicated pipeline to Egypt's transmission network also reinforces Egypt's position as a regional gas hub, potentially linking Aphrodite volumes to Egypt's LNG export facilities. The transaction adds a new listed European player to a key gas development, alongside Chevron and NewMed, and will require monitoring as FID approaches in 2027.
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