U.S., Mexico Reach Gulf Drilling Agreement

U.S. and Mexican negotiators on February 20th reached a deal – called The Transboundary Agreement – that would regulate oil and gas development along the countries’ maritime border in the Gulf of Mexico. The Agreement would allow each country to oversee the environmental and safety protocols of the other, and could by June open 1.5 million acres of U.S. offshore territory for oil and gas development. The U.S. Interior Department estimates that the area in question “contains as much as 172 million barrels of oil and 300 billion cubic feet of natural gas, relatively modest amounts by the oil-rich gulf’s… [more]