Global energy giant Shell is in talks with the owners of the Israeli gas field Leviathan and Cyprus's Aphrodite to buy gas produced on them, reports Bloomberg. Shell intends to buy 10 billion cubic meters from the fields annually for 10 years. The estimated transaction value is 25 billion dollars.

In the event that an agreement with Shell is signed, Israeli companies will have to dramatically increase production and forget the talk about "glut of the local market."

Shell owns the EDCO gas liquefaction plant in Egypt - and will be able to sell liquefied gas around the world. At the moment it is unclear how the gas will be supplied to Egypt.