12 Mar 2018

Globes: Shell seeks to buy Leviathan, Aphrodite gas

According to Bloomberg, Shell is in talks to buy 10 BCM annually from the Israeli and Cypriot reservoirs.

Global energy giant Shell is in talks to buy gas from the Leviathan and Aphrodite reservoirs (the former Israeli, the latter Cypriot) in a $25 billion deal over ten years, Bloomberg reported on Thursday.

According to the report, based on energy industry sources, the secret negotiations concern the purchase of 10 BCM annually from the two reservoirs together.

“If a deal is signed, it will represent a huge drama for the local economy. It will necessitate an expansion project for Leviathan, and remove any fear of excess supply of gas in the local market,” an energy industry source told “Globes” today.

According to Bloomberg, the parties seek to sign a deal by the end of this year. Shell, which owns the EDCO natural gas liquefaction plant in Egypt, will then be able to liquefy the gas and sell it all over the world.

Read more here: http://www.globes.co.il/en/article-shell-seeks-to-buy-leviathan-aphrodite-gas-1001227150