Under the LOI, Noble Energy, along with the Leviathan partners, will deliver a base gross quantity of 1.6 trillion cubic feet (Tcf) of natural gas from the Leviathan field over a 15-year period.
The company would sell the natural gas at a rate of 300 million cubic feet per day and at a border location between Israel and Jordan, following the completion of related pipeline infrastructure.
A final $15bn gas purchase and sales agreement, which is subject to approvals, is scheduled to be completed in 2014, Reuters reported.
Noble Energy Eastern Mediterranean senior vice president Keith Elliott said: "This LOI and other recent regional export arrangements are advancing the first phase of development at the Leviathan project, which is being designed with capacity for 1.6 billion cubic feet of natural gas per day.
"As we continue to mature the technical design of the project, we are making good progress on the marketing side. We now have over 60 percent of Leviathan’s initial capacity and 80 percent of targeted initial sales volumes secured with LOIs."
Noble Energy operates with 39.66% working interest in Leviathan field, which has an estimated 22 Tcf of discovered natural gas resources.
