testosteronepit.com / Nick Cunningham / FRIDAY, DECEMBER 13, 2013 AT 11:46AM
The emerging budget deal put together by Congressman Paul Ryan and Senator Patty Murray includes provisions that will open up vast territories in the western Gulf of Mexico for oil and gas drilling. The bill, which will fund the government through the fall of 2015, approves the U.S.-Mexico Transboundary Hydrocarbons Agreement, originally signed between those two countries in 2012.
The agreement allows for the development of oil and gas reserves that cross national boundaries, and sets up a framework for their joint development. The deal would open up 1.5 million acres, an area that may hold 172 million barrels of oil and 304 billion cubic feet of natural gas, according to the Bureau of Ocean Energy Management (BOEM).