SELVA-Vida Sin Fronteras: In the shadow of Deep Water Horizon

Latest Petroleum News

US, Mexico sign GOM agreement

Nearly 1.5 million acres of oil and gas reserves in the U.S. Outer Continental Shelf have been opened to exploration and production through a Transboundary Agreement signed by representatives of the United States and Mexico on 20 February 2012.

The agreement allows for development across the two countries’ maritime boundary in the Gulf of Mexico. The Bureau of Ocean Energy Management (BOEM) estimates the area to hold approximately 172 million barrels of oil and 304 billion cubic feet of natural gas.

U.S. Secretary of State Hillary Rodham Clinton and U.S. Secretary of the Interior Ken Salazar met with Mexican President Felipe Calderon, Mexican Minister of Foreign Relations Patricia Espinosa and Mexican Minister of Energy Jordy Herrera in Los Cabos, Mexico, for the signing.

‘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,’ Secretary Clinton said in a speech at the signing ceremony.

The agreement sets clear guidelines that will allow U.S. offshore oil and gas companies to work jointly with Mexico’s Petroleos Mexicanos (PEMEX) to develop transboundary reservoirs. If a consensus between national companies cannot be reached, the agreement allows both to individually develop resources on each side of the border to protect both country’s interests and resources, a Department of the Interior press release said. Additionally, it opens up resources in the Western Gap previously held under a moratorium until 2014 under a previous treaty.

‘The Obama Administration is committed to the responsible expansion of domestic energy production,’ Secretary Salazar said. ‘This agreement makes available promising areas in the resource-rich Gulf of Mexico and establishes a clear process by which both governments can provide the necessary oversight to ensure exploration and development activities are conducted safely.’

Joint inspection teams from the Bureau of Safety and Environmental Enforcement and the Mexican Government will review all development plans and ensure lawful compliance.

Source: OilOnline



~ by FSVSF Admin on 22 February, 2012.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: