Representatives from the United States and Mexico met in Washington, DC, on August 30 and 31 to begin formal negotiations on a transboundary energy agreement. Further talks are expected later this month, which will be hosted by Mexico. The negotiating teams intend to conclude these negotiations by the end of 2011.
Specifically, the agreement is intended to govern the disposition and regulation of hydrocarbon reservoirs that cross international maritime boundary.
According to the US State Department, both the United States and Mexico are committed to the safe, efficient, and equitable development of such reservoirs, in accordance with the highest degree of safety and environmental standards.
The commencement of formal negotiations follows a period of informal consultations, outreach to stakeholders, and issue-specific workshops, important preparatory work that clarified many of the key issues under negotiation.
The State Department claims that a transboundary reservoirs agreement “would enhance energy security in North America and would support our shared duty to exercise responsible stewardship of the Gulf of Mexico.”