The biggest deal in the history of the Israeli economy is underway:

The Israel Electric Corporation on Thursday received permission from the company's board of directors to purchase natural gas from the Tamar gas field, located some 90 kilometers (56 miles) west of Haifa.

The deal is estimated at $10-20 billion for the next 15 years.

Calcalist Exclusive Tamar partners in gas talks with S. Korea Lior Gutman, Calcalist Deal estimated at NIS 20 billion, subject to regulatory approval and feasibility of shipping gas. If signed, it may help some of partners with production costs and refunding Tamar partners in gas talks with S. Korea

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.

An expansion of the gas pipe system will allow the transfer of an additional quantity, bringing the total value of the deal to some $20 billion.

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.