Lebanon earlier said it is satisfied with the latest text drafted by US mediators and that it hopes to announce the deal with Israel as soon as possible.

"Israel and Lebanon have reached an historic agreement settling the maritime dispute," Israeli Prime Minister Yair Lapid said. (AFP)

Israel and Lebanon have reached a US-brokered agreement to settle their long-disputed maritime border, Israeli Prime Minister Yair Lapid said, potentially unlocking significant offshore gas production.

"Israel and Lebanon have reached an historic agreement settling the maritime dispute," said a statement on Tuesday from Lapid's office, in which the premier hailed "an historic achievement that will strengthen Israel's security".

Lebanon earlier said it hopes to announce maritime border demarcation deal with Israel as soon as possible, especially as the draft was "satisfying" for Beirut, President Michel Aoun has said in a tweet.

Aoun added he would hold consultations with the prime minister and the parliament speaker to issue a final position on the deal.

Lebanon has secured its "full rights" in the latest text drafted by US mediators to demarcate the maritime border with Israel, its lead negotiator said, after Israel said it met its terms too.

"Lebanon has obtained its full rights, and all of its remarks have been taken into account," said lead negotiator Elias Bou Saab, the deputy speaker of parliament, after handing the draft to President Michel Aoun.

"Today we have come to a solution that satisfies both parties."

Israel had said earlier Tuesday that it was close to a "historic" deal with Lebanon and the US draft met its "demands".

Bou Saab said he hoped an agreement could be signed before Aoun's term of office ends on October 31.

READ MORE: Lebanon suggests changes to maritime border deal with Israel

Long-standing efforts

Lebanon and Israel are officially at war and their land border is patrolled by UN peacekeepers.

They reopened negotiations on their maritime border in 2020, but the process was stalled by Lebanon's demand that the map used by the United Nations in the talks be modified. 

The negotiations resumed in early June after Israel moved a production vessel near the Karish offshore field.

The US text has not been made public but under terms leaked to the press all of the Karish field would fall under Israeli control, while another potential gas field, Qana, would be divided but its exploitation would be under Lebanon's control.

The deal would resolve a territorial dispute in the eastern tip of the Mediterranean sea in an area where Lebanon aims to explore for natural gas, and near waters where Israel has already found commercially viable quantities of hydrocarbons.

Israel last week rejected last-minute amendments to the deal by Lebanon that briefly appeared to jeopardise long-standing efforts to reach an agreement.

READ MORE: Lebanon receives US proposal on maritime border dispute with Israel

Source: TRTWorld and agencies