JERUSALEM: Israeli Prime Minister Yasir Lapid announced on Tuesday that Israel and Lebanon have reached "a historic agreement" regarding their maritime boundary.

According to Lapid, this historic achievement will enhance Israel's security, bring in billions to the country's economy and guarantee the stability of our northern border.

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According to a statement from Lapid, the agreement will be presented to his security cabinet and government for their approval on Wednesday before being scrutinized by parliament.

Two senior Lebanese sources said on Tuesday that the powerful armed movement Hezbollah, which considers Israel its enemy, has approved a US-mediated agreement with Israel to demarcate Lebanon's maritime borders.

Senior members of the Lebanese government and Hezbollah ally both said the group had "agreed" to the terms of the agreement and thought the talks were "over".

Amos Hochstein's efforts, "could lead to a historic deal imminently," according to Bou Saab, Lebanon's chief negotiator, when previously speaking to Reuters. However, minutes after receiving Hochstein's draft, a US official began months of shuttle diplomacy to try to resolve the conflict.

Eyal Hulta, the head of the Israeli negotiating team and national security adviser, echoed Saab's comments:

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“All of our requests were accepted, and the changes we requested were fixed. In a statement, he said, “We have protected Israel's security interests and are moving towards a historic agreement.

Although limited in scope, an agreement would address economic and security concerns in both countries, which together have turbulent histories.

The agreement will settle a territorial dispute in the eastern Mediterranean, close to the waters where Israel has already discovered commercially viable amounts of hydrocarbons, where Lebanon intends to explore for natural gas.

Before allowing Lebanon to do so in its maritime zone, Hezbollah had previously threatened to use force against Israel if it launched a gas search there.

"We have just received the final draft ... Lebanon felt that it took into account all the requirements of Lebanon, and we think that the opposing side should feel the same, according to Bou Saab.

Last week, Israel rejected last-minute changes made by Lebanon to the agreement, summarily jeopardizing ongoing talks.

Over the past few days, officials from both countries have been in close contact with the US mediator in an effort to resolve the outstanding issues.

According to Lebanon's president, an agreement would not mean a "partnership" with Israel, which is officially considered an enemy of Lebanon and which it does not recognize.

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Lebanon's interim Prime Minister Najib Mikati said last week that we are preventing a certain war in the region.

According to Israel's Energy Minister Kerin Elharer, no date has been set for the signing. Elections will be held in Israel on 1 November and it is still unknown whether the agreement needs to be approved by parliament.