As part of the deal, the Leviathan partners will supply approximately 3.12 billion cubic meters (BCM) of natural gas for 15 years. The gas will be used by Paz Ashdod for its facilities in Ashdod, Israel.
The partners expect the natural gas sale to Paz Ashdod could reach $700m.
In September, the Leviathan partners signed an export agreement with Jordan’s National Electric Power Company (NEPCO) to supply natural gas for approximately $10bn.
The deal follows an agreement signed in May 2016 whereby the partners in Israel's Leviathan field agreed to supply gas to a private power plant in central Israel.
The Leviathan field is estimated to have recoverable natural gas resources of 22 trillion cubic feet (Tcf).
Noble Energy operates the Leviathan field with a 39.66% stake while Ratio Oil Exploration holds 15% stake. Other partners include Delek Drilling and Avner Oil Exploration holding 22.67% stakes each.
The US Geological Survey (USGS) estimates that the entire Leviathan Basin holds a mean approximation of 1.7 billion barrels of recoverable oil and a mean of 122 trillion cubic feet of recoverable gas.
