The MOL Group is entering the hydrocarbon exploration and production sector in Cyprus, after signing an agreement with Shell for the acquisition of BG Cyprus Ltd., a subsidiary of Shell, which holds a 35% non - operated interest in the Republic of Cyprus’ Block 12, where the ‘Aphrodite’ natural gas field is located.
Once the transaction is completed, the Hungarian MOL Group will participate in the joint venture of the field together with Chevron, which is the operator and holds a 35% stake, and the Israeli NewMed Energy, which owns the remaining 30%.
This, according to the company, is the most significant growth opportunity for the Exploration & Production sector after the acquisition of a 9.57% stake in the Azeri - Chirag - Gunashli (ACG) field in Azerbaijan in 2019.
MOL's momentum
The Hungarian MOL Group is one of the leading oil and gas companies in Central and Eastern Europe, and is headquartered in Budapest.
Its size is also reflected in its finances, as the Hungarian energy group recorded a turnover of $24.7 billion in 2025, almost $25 billion in annual sales.
It is an international energy group with operations in more than 30 countries and approximately 25,000 employees. It has a strong presence across the entire energy chain (upstream & downstream), from hydrocarbon exploration and production and natural gas to refining, petrochemicals and fuel retailing.
The Group’s exploration and production activities are supported by more than 85 years of experience in the hydrocarbon sector, with production in eight countries and exploration activities in ten. The Group's average daily production in 2025 amounted to approximately 94,700 barrels of oil equivalent (boe) with an ambition to surpass the 100,000 boe per day milestone.
In addition, MOL has a network of almost 2,400 filling stations in 10 countries, three refineries and two petrochemical plants, confirming the size and integrated nature of its activity.
Shareholding structure
According to data on its shareholding structure as of 31 August, 2026, 29.59% of the group’s share capital is held by foreign -mainly institutional- investors, and 11.41% by domestic institutional investors, 15.24% by the Hungarian State, while Maecenas Universitatis Corvini Foundation own 10%. A percentage of 7.95% is held by MOL Plc. SESOP Organisations, while OTP Bank Plc and ING Bank N.V. hold a share of 4.91% and 3.75% respectively. UniCredit Bank AG's stake in MOL stands at 3.62%, while Commerzbank AG holds just 0.81%.
Regarding foreign investors, the majority of whom are institutional, 43.1% come from North America, 16.1% from the United Kingdom and Ireland, 15.8% from Poland, 13.8% from Europe (excluding Poland), 9% from Japan, China and Australia, while 1.5% of these investors come from the Middle East (United Arab Emirates, Kuwait and Saudi Arabia).
The mega deal in the Cypriot EEZ
About 104 billion cubic meters of natural gas under conditions (contingent resources), as well as 8 million barrels of condensate, is estimated to be held by the ‘Aphrodite’ field, in which MOL Group is acquiring a stake, following the acquisition of BG Cyprus Ltd., a subsidiary of Shell. To date, the Block 12 consortium consists of Chevron, which holds a 35% stake and is the operator of the project, Shell’s BG Cyprus Ltd., with a 35% stake without management rights (non- operated interest), and NewMed Energy, which holds the remaining 30%.
Upon completion of the transaction, MOL Group will replace Shell at 35%, without changing the participation percentages or Chevron's role as operator. The new composition will therefore be Chevron 35%, MOL Group 35% and NewMed Energy 30%.
The total value of the transaction could be up to $720 million, subject to adjustments upon completion of the agreement and additional payments linked to key project milestones.
According to the chairman and CEO of MOL Group, Zsolt Hernádi, the agreement strengthens the company's international exploration and production portfolio, expands its presence in the European Union and supports its long-term goals of increasing reserves and production.
" Joining the Aphrodite gas development is an exciting new chapter for MOL Group and further strengthens our international Upstream portfolio. We firmly believe that this acquisition will strengthen our region's strategic position within the wider European economy. As a committed and reliable partner, we look forward to supporting Chevron, the operator, in advancing this strategic development toward first gas. We are excited to establish a long-term presence in Cyprus and to contribute to the success of this important project." said Zsombor Marton, Executive Vice President Exploration & Production, MOL Group
Completion of the acquisition is expected in early 2027, subject to the required regulatory approvals and customary closing conditions.
The field development plan calls for the drilling of four wells and the installation of an autonomous floating production unit in the Eastern Mediterranean. The project also includes the construction of a 250-kilometre submarine pipeline, which will connect the field to Egypt's natural gas transmission network.
Also read: MOL Group to acquire 35% stake in Cyprus' Aphrodite gas field from Shell
Also read: MoU signed for the sale of natural gas from the 'Aphrodite field to Egypt
Also read: Chevron: The Aphrodite field has a central role in the Eastern Mediterranean energy landscape
