US & Mexico Go Treasure Hunting: Congress Passes Deal to Share Oil and Gas Reserves with Mexico

offshore-drillingCongress on Wednesday approved an agreement between the U.S. and Mexico allowing joint energy development projects along their shared maritime border as part of the final approval of Congress’ budget deal.

“The energy production made possible by this agreement will put Americans to work and raise more revenue for the government,” Erik Milito, director of upstream and industry operations for the American Petroleum Institute, said. “American companies will now have the certainty they need to invest confidently along our maritime border with Mexico.”

The Transboundary Hydrocarbon Agreement between the U.S. and Mexico establishes a cooperative process for managing oil and gas reservoirs along the boundary region in the Gulf of Mexico. The agreement is part of the bipartisan budget bill approved today by the Senate and last week by the House of Representatives.

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