Shell plc (NYSE:SHEL) announced Friday that it has agreed to sell its wholly owned subsidiary, BG Cyprus Ltd., to MOL Group for up to $720 million, subject to customary adjustments and milestone-based contingent payments.
Shell Exits Aphrodite Gas Project BG Cyprus holds a 35% non-operated stake in Cyprus Offshore Block 12, which contains the Aphrodite natural gas field in the eastern Mediterranean.
The project is expected to sell its gas production to the Egyptian Natural Gas Holding Company.
Shell said it worked with the Cyprus government and its joint venture partners to advance the Aphrodite project.
The sale allows the company to realize the value it created.
