US, Mexico Agree On Joint Oil Projects

LOS CABOS - The United States and Mexico agreed Monday to work together on oil and gas development in the Gulf of Mexico, paving the way to end a long-running moratorium on their maritime border.

Under the deal, companies from the United States and Mexico would be encouraged to collaborate on projects over their Gulf maritime boundary but would be able to go ahead on their own if they do not find a partner.

"These reservoirs could hold considerable reserves that would benefit the United States and Mexico alike," Secretary of State Hillary Clinton said at a signing ceremony with Mexican President Felipe Calderon.

Clinton was visiting the Mexican resort of Los Cabos for talks of the Group of 20 major economies, where she has voiced concerns about what she saw as unfair advantages enjoyed by state-supported companies.

Mexico's Pemex enjoys a virtual monopoly on the country's energy industry.

"For the first time, American energy companies will be able to collaborate with Pemex," Clinton said.

"In tough times like these, we need to make the most of every opportunity to create jobs, to foster economic growth and energy security while managing our resources and our environment responsibly for future generations," she said.

U.S. officials said that the agreement, while not specifically authorizing new projects, would provide a legal certainty that would allow companies to move ahead on oil and gas development.

Copyright (c) 2012 Dow Jones & Company, Inc.


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Kenton Cooke | Feb. 21, 2012
I think it is long over due, people need to quit being so greedy and do what is best for the economy with that said the 2 governments also 2 of the most greedy need to back off and do what is in the best interest of the people not the government

Phil Brown | Feb. 21, 2012
Dear People, I can't see where we should be catering to Mexico and Pemex, as this monkey motion would wind up allowing them to drill in our waters when we have no desire or reason to be drilling in their waters. I'm not in favor of any more concessions or agreements with a country that cannot control/prevent their populous from entering our states illegally daily. Keep them out US waters!!! Phil Brown engineer

Clyde Veltmann | Feb. 21, 2012
I don't believe it is "the first time" as stated by Clinton. If you go back before Jimmy Carter made Mexico mad, I believe you will find that the US and Pemex did a lot together.

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