NEW YORK (

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Noble Energy

(NBL) - Get Report

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and its partners signed a letter of intent to sell natural gas to Israel's state-owned electric company, Israel Electric Corp., over a 15-year period in a deal that could generate $9.5 billion revenue for the consortium.

Noble will supply natural gas from the Tamar field, off the coast of Israel, and expects to generate annual revenue of $400 million to $750 million, the company said in a press release.

"The progress on both the development and marketing of Tamar continues to move us along towards first production in 2012, consistent with our original projections," said Noble Chairman and CEO Charles Davidson, in the company statement.

Noble holds a 36% working interest in the Tamar field, the biggest stake.

Israel Electric expects to purchase at least 95 billion cubic feet of natural gas a year, with the potential to buy significantly more during the first 15 years after the field enters production. Noble has estimated Tamar's total gross mean resources at 6.3 trillion cubic feet of gas.

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