US, Mexico sign Gulf of Mexico transboundary agreement

The US and Mexico have signed an agreement allowing exploration and development of oil and gas resources along the two countries' maritime boundary in the Gulf of Mexico. The accord, which still requires legislative approvals in both countries, makes US Outer Continental Shelf acreage with potentially 172 million bbl of oil and 304 bcf of gas available for leasing, US Sec. of the Interior Ken Salazar said. "This agreement removes uncertainties which have kept US operators from exploring nearly 1.5 million acres of the US [OCS]," he told reporters by teleconference from Los Cabos, Mexico, where US Sec. of State Hillary R. Clinton and Mexican Foreign Minister Patricia Espinosa sig...

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