Listen to the audio version of this article (generated by AI).
Listen to the audio version of this article (generated by AI).
The total consideration payable by MOL for the transaction is up to USD 720 mln.
The acquisition gives MOL access to a major, de-risked development project in the European Union and represents the exploration and production business’s biggest growth opportunity since the company acquired a 9.57% stake in Azerbaijan’s ACG field in 2019.
Discovered in 2011, the Aphrodite field is estimated to contain around 104 billion cubic meters of contingent gas resources, equivalent to 632 million barrels of oil equivalent, as well as 8 million barrels of condensate.
Chevron holds a 35% stake in the project, while Israel’s NewMed owns 30%.
The field’s development plan includes drilling four wells and establishing an independent floating production facility.
A final investment decision is planned for 2027, with first gas expected in 2031. The project also includes construction of a 250-kilometer subsea pipeline linking the field to Egypt’s gas transmission network.
MOL Group chairman and CEO Zsolt Hernádi said the acquisition was “in line with our E&P strategy, which focuses on strengthening our international portfolio while building strategic partnerships with highly reputable international companies.”
“This large-scale, long-life offshore gas development asset supports our long-term production targets and will enable us to achieve significant growth in our reserve base,” he added.
The transaction is expected to close in early 2027, subject to regulatory approvals and customary closing conditions.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
