The drill, which will reach a depth of 5,300 meters below sea level, will cost $122 million and last about four months, the companies said last week.
The partners had announced the new discovery, called Tamar Southwest, last month, at which time they said they had not decided whether to develop it.
Tamar's operator, Texas-based Noble Energy, recommended carrying out the drill given the high chances for success, the companies said.
Noble owns 36% of Tamar while Delek Drilling and Avner Oil Exploration, both subsidiaries of Delek Group, hold 15.625% each. Isramco Negev holds 28.75% and Dor 4%.
Two of the world's largest offshore fields from the past decade were found in Israeli waters. The first of the fields - Tamar, with an estimated 10 tcf of gas - came online in late March.