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Mexico and U.S. Look for Oil Under Shared Border

Article Summary:

The governments of Mexico and the United States have signed the Agreement for the Exploration and Exploitation of Transboundary Reservoir, which opens the possibility for private companies of both countries to access oil fields that pass through the ground under shared borders.

Photo Credit: El Universal Mexico

Original Article Text From El Universal Mexico via Google Translate :

Mexico and EU sign deal on oil in the Gulf

The governments of Mexico and the United States on Monday signed the Agreement for the Exploration and Exploitation of Transboundary Reservoir. The document will be signed by Chancellor Patricia Espinosa along with the U.S. State Secretary, Hillary Clinton . The witness of honor will be President Felipe Calderon Hinojosa.

By signing this agreement opens the possibility that both private companies as PEMEX EU can access the exploitation of oil fields that pass through the ground under both borders.

The objective of the agreement is that in an orderly manner can explore the geological formations that cross both sides of the border, such as the Perdido Fold Belt, where, on the U.S. side, there are three wells within 10 miles of the border: Great White, Trident and Hammer Head.

The agreement allows for a greater possibility of defining the scope in oil that can be made on both sides of the border, increasing cooperation on exploration results in the area and to analyze the geological structures that could be shared.

After reviewing that actually are there to define shared structures containing oil and then if this oil, in fact, passed by both countries.

According to the Department of Energy (Sener), to arrive at this firm were six bilateral technical meetings have been held three formal negotiating meetings.

The agreement was signed in two parts: the internal Mexican government authorizes the carrying out following the Regulatory Reform Act of 27 of the Constitution in 2008. This reform created a legal basis for the exploitation of transboundary reservoirs protected by international treaty.

The second is the oil moratorium was negotiated with the United States and in force until January 2011, it was agreed to extend for three years, but will be turned off from this year.

The Ministry of Energy, in coordination with Foreign Affairs, held jobs with the government of the United States while ending the moratorium on exploration in the western polygon.

Among the first works in the Mexican maritime territory is the well Maximinus. Pemex plans to drill a well at 3 000 48 meters depth in the first quarter of 2012.

Link to Original Article:

From El Universal Mexico

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