Mexico Puts Gulf Deepwater Oil Treaty with US into Effect

Posted by Eric Haun
Friday, July 18, 2014

Mexico on Friday put into effect an agreement signed in 2012 with the United States to allow companies to exploit deep water oil resources in the Gulf of Mexico that straddle the countries' maritime boundaries.

The deal, published in the government's gazette, lifts a moratorium on oil and gas exploration and production along the countries' maritime border in the Gulf and sets up a framework for companies to jointly develop any trans-boundary reservoirs.

State-run energy company Pemex has lagged far behind the United States in developing deep water oil reserves, but an opening of the oil and gas industries to private investment is expected to spur more projects in the Mexican side of the Gulf.

Mexico's Congress is voting this week and next on a series of bills needed to implement the energy reform, which is the centerpiece of President Enrique Pena Nieto's economic reform agenda.

(Reporting by Michael O'Boyle; Editing by Chizu Nomiyama)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

Study Shows Oceans Arrived Early to Earth

Earth is known as the Blue Planet because of its oceans, which cover more than 70 percent of the planet's surface and are home to the world's greatest diversity of life.

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Rep. Cummings Receives Maritime Service Award

On Wednesday, October 29, Congressman Elijah E. Cummings (D-MD) delivered keynote remarks at APL Maritime’s Senior Management Conference, and received an award

Government Update

Rep. Cummings Receives Maritime Service Award

On Wednesday, October 29, Congressman Elijah E. Cummings (D-MD) delivered keynote remarks at APL Maritime’s Senior Management Conference, and received an award

Two Great Lakes Toxic Hotspots Restored

EPA announces removal of two toxic hotspots on Lake Superior and Lake Michigan from binational list The U.S. Environmental Protection Agency today announced that two U.

First Libra Offshore Oil Well Confirms Discovery

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality

Offshore Energy

Partners Deliver Modular Floating Tidal Energy Platform

A group of offshore companies, including Bluewater, Damen and Van Oord among others, has partnered for a floating tidal energy platform a project to generate clean electricity,

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

Experimental Floating Wind Farm Nears Installation

Launched in March 2012, the Fukushima experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry is nearing the installation

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1231 sec (8 req/sec)