The US and Mexico have entered into an agreement that allow them to development cross-border oil and gas reserves in the Gulf of Mexico. The agreement proposes a legal framework for possible commercial activities and sets out guidelines for cross-border development; the agreement has also established incentives for oil and gas companies to voluntarily enter into arrangements to jointly develop such reserves. In a situation that such an agreement cannot be reached, it provides a process for US companies and Mexican state-run oil company Pemex to individually develop the resources on each side of the maritime border.
The legal certainty with today's agreement allows US companies to explore new business opportunities and carry out projects with Pemex, according to both governments. It also provides for joint inspections teams to ensure compliance with laws and regulations.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.