Posted by: mortgagesinmexico | February 23, 2012

U.S. And Mexico Creates Agreement Concerning Gulf Of Mexico

United States and Mexican government officials recently signed an agreement benefiting the two countries pertaining to the use of the Gulf of Mexico reservoirs. The United States and Mexico came to an agreement last Monday to work together to drill for oil and natural gas along the maritime boundaries of Gulf of Mexico.

Last February 20, U.S. Secretary of State Hillary Clinton and Mexico’s Foreign Minister signed the agreement with Mexican President Felipe Calderon and U.S. Interior Ken Salazar as witnesses held at the Mexican resort city of Los Cabos. The agreement was influenced by an understanding made between President Barack Obama and President Felipe Calderon in 2010, in which they agreed to work together to avoid spills in the Gulf of Mexico and share profits which result from the drilling.

The agreement between U.S. and Mexico indicates that companies in the United States can now partner with the National Oil Company of Mexico to drill for oil and natural gas in the Gulf. The agreement also indicates the need for inspection of the countries’ oil rigs on the Gulf in order to maintain strict adherence to the safety standards.

According to the U.S. Department of the Interior, the agreement will allow drilling of the continental shelf which is suspected to contain approximately 172 million barrels of oil and 304 billion cubic feet of natural gas.

Doug Jones
President & Founder
Mortgages In Mexico


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