Israel and Lebanon have reached a historic agreement, the leaders of each side declared separately on Tuesday, which resolves a years-long maritime border dispute affecting important oil and gas fields in the Mediterranean.

“The final version of the offer satisfies Lebanon and fulfills its demands and defends Lebanon’s rights to these natural resources,” Lebanese President Michel Aoun said in a statement hours after accepting Israel’s final offer through American mediator Amos Hochstein.

Aoun said he hoped the deal would be announced “as soon as possible.”

Israeli Prime Minister Yair Lapid said: “This is a historic achievement that will strengthen Israel’s security, inject billions into the Israeli economy and ensure the stability of our northern border.”

The draft agreement complies with all economic and security principles set by Israel, Lapid said.

The Israeli prime minister will hold a security cabinet meeting on Wednesday, followed by a special government meeting, he said.

The disputed areas include the Karish oil and gas field and the area known as the Qanaa prospect, which is expected to fall into Israeli and Lebanese waters under the respective agreements. Israel says it will start extracting oil and gas from Karish and exporting it to Europe in the near future.

This Tuesday, Lebanese Energy Minister Walid Fayyad also said that French energy company Total, the owner of the contract to explore Lebanese waters, would start working on the Qanaa prospect “soon”.