US, Mexico Open 1.5M Acres In Gulf For Drilling

Law360, New York (February 21, 2012, 5:47 PM EST) -- The U.S. and Mexican governments struck an agreement Monday to open some 1.5 million acres of the Gulf of Mexico along the countries' maritime boundary for joint oil and gas development.

The agreement, signed at the G-20 conference in Los Cabos, will allow U.S. companies and Mexico’s state-owned Petroleos Mexicanos to tap into transboundary oil and gas reservoirs, some of which were off-limits under existing treaties.

The U.S. Department of the Interior estimates the region could hold more than 170 million barrels of oil and more...
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