Mexico and the United States on Monday signed an agreement on how to regulate oil exploitation along their borders, particularly in the Gulf of Mexico, to prevent possible disputes over the lucrative natural resources.
The agreement said both sides shouldn't unilaterally exploit newly found oil reserves along the borders, whose proprietary rights are disputable, unless they agree on an exploitation plan.
The agreement was signed between U.S. Secretary of State Hillary Clinton and Mexican Foreign Minister Patricia Espinosa in the northern resort town of Los Cabos, where they were attending preparatory meetings for the G20 Summit due in June here in the State of Baja California Sur.
Mexican President Felipe Calderon, who attended the signing of the agreement, said "with this agreement we have stopped the old fears of many Mexicans that Mexican oil would be extracted unilaterally from the other side of the border."
Clinton said the agreement would "ensure safe, efficient, responsible exploration of the oil and gas reservoirs in the Gulf of Mexico."
She said it was a win-win deal for both countries, praising spirit of cooperation during the negotiations for the deal.