U.S. and Mexico Sign Oil and Gas Agreement

Washington, D.C. (Feb. 20, 2012)

The U.S. and Mexico signed a transboundary maritime agreement that will provide access to about 172 million barrels of oil. U.S. Secretary of State Hillary Clinton and Mexican officials signed an agreement regarding the exploration of oil and natural gas along the shared border in the Gulf of Mexico.

This agreement allows U.S. energy companies to work with Mexico's state-run Petroleos Mexicanos to drill and produce the shared reserves in the Gulf of Mexico that were off-limits under previous treaty agreements. A joint inspection team will ensure compliance with safety and environmental laws. The signing of this agreement follows a 2010 commitment between President Barack Obama and Mexican President Felipe Calderon to work in oil and natural gas developments along this border.