"The U.S. and Mexico reached an agreement Monday to cooperate on oil and gas development in the Gulf of Mexico. Signed at a meeting in Los Cabos, Mexico, the agreement would set a process that U.S. companies and Mexico's state-owned Pemex could use to jointly develop waters that straddle the nations' maritime border. It also would provide for the U.S. and Mexican governments jointly to review applications and safety inspections in cases of drilling in the boundary-straddling waters, where oil spills could affect both nations."

"U.S. and Mexican officials said the agreement would give companies easier access to areas - including 1.5 million acres on the U.S. outer continental shelf - considered attractive for oil and gas development but long unexplored because of legal uncertainties over who has rights to the resources."

Puneet Kollipara reports for the Houston Chronicle February 20, 2012.
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SEE ALSO:
[3]
"U.S., Mexico Open Transboundary Gulf Waters to Oil and Gas" (ENS)
[3]
"US and Mexico Agree on Gulf of Mexico Oil Cooperation" (BBC News) [4]

"Mexico, U.S. Sign Cross-Border Deep Water Oil Deal" (Reuters) [5]