Obama Administration Signs Accord in Mexico for Oil Exploration in the Gulf of Mexico With State-Owned Pemex

Obama Administration Signs Accord in Mexico for Oil Exploration in the Gulf of Mexico With State-Owned Pemex.(BB).
U.S. Secretary of State Hillary Clinton and Mexican Foreign Minister Patricia Espinosa signed an agreement today for development of oil and gas reservoirs that straddle the two nations’ boundaries in the Gulf of Mexico.
The agreement is the first of its kind signed by the U.S., establishing a legal framework and creating incentives for U.S. energy companies to develop oil and gas resources jointly with Petroleos Mexicanos, the Mexican state oil company known as Pemex. When it comes into force, the agreement will end the current moratorium on oil exploration and production in the Western Gap portion of the Gulf of Mexico.
“With this, we are setting aside the old fear that honestly exists among many Mexicans that Mexico’s oil could be extracted from the other side,” said Mexican President Felipe Calderon. “Any joint reservoir will be jointly exploited,” and we will all gain the benefits.
U.S. Secretary of the Interior Kenneth Salazar called the agreement an historic step that “opens to door to previously off-limits areas in the Gulf of Mexico,” an area larger than the state of Delaware.Hmmmm.......I wonder if Mexico will follow Brazil's example and sell also the oil to China?Read the full story here.