Marine Link
Sunday, October 23, 2016

Mexico Puts Gulf Deepwater Oil Treaty with US into Effect

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 Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News