Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan have signed a landmark agreement on the Caspian Sea’s legal status, outlining the maritime borders and ending a 20-year long dispute.

All five countries are to have 24 km-wide territorial waters extending from their shores, and another 16 km of exclusive fishing rights. The rest of the surface water will be common territory.

Deciding on how to divide the Caspian Sea paves the way for more energy exploration and pipeline projects.

Reports suggest that the territorial disputes in the region have prevented the exploration of more than 20 billion barrels of oil and 240 trillion cu ft of gas.