U.S., Mexico Formulating Plan To Develop Oil, Gas Reserves in Gulf
The U.S. and Mexican governments on Feb. 20 agreed to jointly develop, along the countries’ maritime border in the Gulf of Mexico, oil and gas reservoirs that could contain up to 172 million barrels of oil and 304 billion cu ft of natural gas, according to the Bureau of Ocean Energy Management, or BOEM.
If approved by the U.S. and Mexican senates, the agreement could open up 1.5 million acres of maritime boundary waters to joint exploration by U.S. companies and the Mexico-owned oil company Pemex. If a U.S. company and Pemex cannot agree on a plan to develop and share the resources, the agreement allows for a process in which the companyXXXXXXXXX or Pemex can explore the area on its own.