Shell has agreed to sell its wholly owned subsidiary BG Cyprus to MOL Group for up to $720m (£534.86m), subject to adjustments and milestone-related contingent payments. The planned transaction will see MOL Group acquire Shell's 35% non-operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field in the eastern Mediterranean. The Aphrodite gas field was discovered in 2011 and has been further appraised through several drilling campaigns. In 2016, Shell bought BG Group for $70bn and absorbed its BG Cyprus subsidiary. This move handed Shell the interest in the Aphrodite gas field that BG Cyprus had secured in the previous year.