The MOL Group is acquiring Shell’s stake in the Aphrodite gas field in the Mediterranean for approximately USD 720 million.
The gas field off the coast of Cyprus is expected to contain 104 billion cubic meters of natural gas. The gas is planned to be transported to Egypt via a 250-kilometer subsea gas pipeline, which has yet to be built.
Through BG Cyprus Ltd., MOL will hold a 35% stake in the gas field, which is operated by Chevron. MOL CEO Zsolt Hernádi compared the acquisition with the Neptun Deep gas field in the Black Sea off Romania, from which the Hungarian oil and gas company has long expected to diversify its gas supply sources.
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