The deal is estimated at $10-20 billion for the next 15 years.
The Tamar gas field is owned by several partners, led by the Delek Group controlled by businessman Yitzhak Tshuva and American company Noble Energy.
According to estimates, starting in 2013, the Tamar drilling will produce natural gas at a sufficient quantity to meet the State of Israel's energy needs for 15 to 20 years.
According to the agreement, Tamar will supply IEC with some 3 billion cubic meters of gas a year, for 15 years – a quantity worth $10 billion, which will be paid by 2027.
Israeli's electricity bills are expected to drop as a result of the use of natural gas, which serves as a cheaper and cleaner source of electricity production than other fuels, like diesel fuel or fuel oil.