Prime Minister Yair Lapid said Tuesday that Israel and Lebanon have reached a 'historic' agreement on maritime border deal and he will convene his cabinet soon to approve it.
Earlier, negotiators from the two countries said Lebanon and Israel have received a final draft of a mediated maritime border deal from U.S. envoy Amos Hochstein and it "satisfied" all of their requirements. Hochstein has been shuttling between the sides which have no diplomatic relations.
Israel last week rejected Lebanon's new amendments to the U.S.-brokered draft. Officials from both countries were in close contact via the U.S. mediator over the past few days in an effort to resolve outstanding differences.
"This is an historic achievement that will strengthen Israel's security, inject billions into Israel's economy, and ensure the stability of our northern border," Lapid said.
The deal will be brought before his security cabinet and government on Wednesday for their approval before it is reviewed by parliament, Lapid said in a statement.
Lebanese President Michel Aoun earlier also tweeted that he has approved the final draft of the agreement and he hopes to announce the deal as soon as possible.
Lebanese Caretaker Energy Minister Walid Fayyad, meanwhile, said that French gas giant TotalEnergies will begin the process of exploring for gas in Lebanese waters as soon as the agreement is concluded. Fayyad made the comments after meeting a senior TotalEnergies delegation in Beirut.
National Security Advisor Eyal Hulata who headed the Israeli negotiating team earlier gave a positive assessment. "All our demands were met, the changes that we asked for were corrected. We protected Israel's security interests and are on our way to an historic agreement," he said in a statement.
Energy Minister Karine Elharrar said the final draft addressed all of Israel's demands. “I know the agreement and its drafts well and thoroughly. Israel standing its ground proved effective. The agreement will now be brought for approval in the Knesset.”
The heavily armed, Iran-backed Lebanese terror group Hezbollah has green-lit the deal, two senior Lebanese sources said on Tuesday. One senior Lebanese government official and one official close to Hezbollah said the party had "agreed" to the terms of the deal and considered negotiations "over."
The Iran-backed terror group has threatened to use force against Israel should Israel explore for gas near the disputed area before Lebanon is allowed to do so in its own maritime zone.
Hezbollah leader Sayyed Hassan Nasrallah is due to make an address later on Tuesday.
While Israel has moved ahead with production and export, Lebanon's efforts have been hamstrung by political dysfunction.
A gas find would be a major boon for Lebanon, which has been mired in financial crisis since 2019. Eventually, such a discovery could fix Lebanon's long-standing failure to produce adequate electricity for its population.