Finally, the exception also involves organizing the nature not only of the cross-border agreement between the United States and Mexico, but also through any future cross-border agreement. If hydrocarbon development continues in the Arctic, future cross-border agreements with Russia or Canada may be necessary. Would it be in the interest of the United States to facilitate the secrecy of revenues in Moscow? Given that the EU has recently adopted its own transparency measures, such as Section 1504, while Canada and Switzerland are considering similar laws, international standards for transparency in the raw materials industry can vary considerably when agreements are negotiated with Russia and Canada. The United States and Mexico today signed an agreement on the development of oil and gas resources that cross the international maritime boundary between the two Gulf of Mexico countries. The agreement aims to improve energy security in North America and support our shared duty to manage the Gulf of Mexico responsibly. It builds on the commitment to the safe, efficient and equitable use of transboundary tanks with the highest safety and environmental standards. We hope that the committee and the Senate as a whole will respond to page 812. There have been bipartisan and bipartisan recognitions of the opportunities offered by the cross-border agreement to the U.S. oil and gas industry, in addition to its geopolitical, energy and environmental advantages.
Congress should hunt down the poison pill so that it can be realized without further delay. Nevertheless, the Border Waters Agreement is not a turning point for U.S. oil production, given the huge investments required to explore and exploit deep waters and the fact that opening up these actual and potential reserves contributes less than one percentage point to total U.S. oil production. Reservations. But what the agreement represents is a step forward in bilateral relations, which shows that the two North American neighbors can cooperate on a politically sensitive issue for a long time. Fourth, the TBA vetoes the U.S. government to protect U.S.
interests, including commercial interests. No unification agreement (essentially a joint venture between PEMEX and private companies) to develop resources under the TBA can enter into force without the agreement of the Ministry of the Interior. Therefore, any discrimination against U.S. companies can be predetermined. In February 2012, ken Salazar, then Minister of the Interior, joined Mexican President Felipe Calderon, Secretary of State Hillary Rodham Clinton, Mexican Secretary of State Patricia Espinosa and Mexican Minister of Energy Jordy Herrera in Los Cabos, Mexico, to sign an agreement on the exploration and exploitation of oil and gas deposits along the U.S.-Mexico maritime border in the Gulf of Mexico. Mexico`s legislature passed the law in April 2012. The cross-border agreement establishes clear guidelines for the exploitation of oil and gas deposits that cross the maritime border. As part of the agreement, U.S. companies and PEMEX can voluntarily enter into joint development agreements for these reservoirs.
In the event that there is no consensus, the cross-border agreement defines the process by which the United States will do so. . . .