Click the icon to add a specified price to your Dashboard list. This makes it easy to keep track on the prices that matter most to you.
Shell has reached an agreement to sell its 100%-owned subsidiary BG Cyprus Ltd. to MOL Group for up to $720 million, subject to customary adjustments and milestone-linked contingent payments.
BG Cyprus Ltd. holds a 35% non-operated interest in the Cyprus Offshore Block 12, containing the Aphrodite gas field in the eastern Mediterranean. All produced gas is expected to be sold to the Egyptian Natural Gas Holding Company (EGAS). Shell has worked with the Government of Cyprus and the joint venture partners to progress the Aphrodite project to this point and selling to MOL Group will allow Shell to capture the value created, while the remaining project partners work towards a final investment decision.
“We believe Aphrodite remains an attractive development opportunity and will play an important role in supporting regional energy needs,” said Cederic Cremers, Shell’s Integrated Gas President. “Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain.”
Egypt remains an important country for Shell, where we continue to have a significant presence.
The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.
Shell’s net carbon intensity
Also, in this news release we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Source: Shell
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
