LatinNews Daily Report - 13 April 2012

Mexico| Bilateral gas and oil exploitation agreement ratified.  On 12 April Mexico’s senate ratified an agreement, signed by Mexico and the US last February, to explore and exploit gas and oil deposits located in shared waters of the Gulf of Mexico jointly. Under Mexico’s constitution all hydrocarbon resources found in its territory are exclusively reserved for the exploitation by the state-owned oil company, Petróleos Mexicanos (Pemex). Therefore, the bilateral agreement had to be reviewed by the senate to ensure its constitutionality. Despite the opposition from some left-wing senators, the agreement was ratified by 69 votes for to 21 against.

End of preview - This article contains approximately 99 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial