Shell has announced its intention to sell its stakes in BG Cyprus and the Aphrodite gas field to MOL Group, marking a significant transaction in the energy sector.

All necessary signatures have been obtained for the memorandum of understanding (MoU) concerning the sale of all recoverable natural gas from Cyprus’ Aphrodite field to the Egyptian Natural Gas Holding Company (EGAS).

A final investment decision for the Aphrodite gas concession in Cyprus is anticipated early next year, with the first natural gas projected to reach the market by 2029 or 2030.

Cyprus, ExxonMobil, and QatarEnergy have signed a marketability declaration for the Glaucus and Aphrodite gas fields, officially deeming them commercially viable. This agreement marks a significant step for energy development in the region.

Worley has been awarded a contract by Chevron for the front-end engineering design (FEED) of the Aphrodite gas field, marking a significant development for both companies.

Cyprus Energy Minister Michael Damianos stated that the country's energy program is progressing as planned, with the first natural gas from the Aphrodite gas field expected to be extracted by late 2030 or early 2031.

US energy company Chevron views Cyprus as a crucial component of the East Mediterranean's energy future, with the Aphrodite gas field steadily progressing towards a final investment decision, strengthening Cyprus' regional energy role.