Mexico and the U.S. look into oil agreement (in Spanish)

America Economia, 4/22/2009

oil-rigsThe U.S. and Mexico are considering a new area of focus for bilateral cooperation, this time on energy, after having established an official working agenda developing a treaty that would allow joint exploration of transborder deposits located in the Gulf of Mexico.

Mexican Undersecretary of Hydrocarbons from the Secretariat of Energy, Mario Gabriel Budebo, explained that the agreement would divide the petroleum that is found in deposits that are located on both sides of the border. These discussions are taking place because there are only a few months before the moratorium of ten years on the exploration of deep-water reserves that are divided between Mexico and the U.S. officially ends.

The end of the moratorium opens the possibility that oil companies that operate in U.S. territory could begin exploring border deposits in the Gulf without any restrictions as soon as January 2010.

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