Arizona congressman Matt Salmon announced the passage of H.R. 1613, the Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act, which “represents an important first step toward energy reform in Mexico.”
The legislation approves and implements the Transboundary Hydrocarbons Agreement (TBHA) originally signed with Mexico in February 2012 by then-Secretary of State Hillary Clinton and Mexican Foreign Minister Castellano at the G-20 summit in Los Cabos. This agreement directs the development of oil and gas reservoirs that cross the international maritime boundary between these two countries in the Gulf of Mexico.
“Approval and implementation of this agreement is unquestionably in the national interests of the U.S as a step towards energy security and job creation in the United States, as well as much needed energy reform in Mexico, and Western Hemisphere energy independence. We can achieve energy independence and better energy cooperation with our neighbor and this is an important step in that direction,” said Salmon.
“This bill is another step towards embracing an all-of-the-above approach to energy that safely develops our natural resources to help achieve North American energy independence. This bill will help lower energy costs while creating American jobs by safely opening up more areas in the Gulf of Mexico for exploration and production. This is a common sense approach to work with our partners south of the border to make both countries more energy secure, while protecting our sovereignty. We’re choosing to act instead of allowing the Administration to continue dragging its feet on energy development,” said Rep. Jeff Duncan (SC-03).
“Congressional approval of this agreement will provide much-needed certainty to U.S. energy companies that are interested in leasing and developing these areas but up until now have been unable. It will create new opportunities for expanded American energy production and enable job creation and economic growth,” said Natural Resources Committee Chairman Doc Hastings.
“The prospect of opening Pemex to foreign investment will not only potentially benefit U.S. companies, but will go a long way in improving the efficiency of Pemex, while stabilizing, indeed increasing, Mexico’s currently stalled oil production,” Salmon recently wrote in an op-ed. “This will lead to a more prosperous Mexico, and that is unquestionably in the national interests of the U.S.