US/MEXICO OIL DEAL

21 Feb, 2012

An agreement that will ‘ensure responsible energy exploration in the Gulf’ according to the US Secretary of State, has been signed by the US and Mexico at the G20 meeting between industrial and developing countries in Los Cabos, Mexico.

 

The two countries have vowed to work alongside one another for the development of deep water gas and oil fields that lie across the border in the Gulf of Mexico.

 

Adding to Hilary Clinton’s comments on the deal, Mexican President, Felipe Calderon, said it would ‘ease Mexican fears that their oil might be appropriated by the US’, the BBC reported.

 

Clinton added: “These reservoirs could hold considerable reserves that could benefit the US and Mexico alike, but they don’t necessarily stop at our maritime boundary. This could lead to disputes.”

 

She added: “The agreement we are signing will help prevent such disputes.”

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