“Deepwater oil and gas exploration would be allowed to proceed in parts of the western Gulf of Mexico as part of a budget compromise announced [Tuesday],” reports Bloomberg.
“The measure in the budget deal would also lay out a process for submitting future transboundary hydrocarbon agreements to Congress. It has taken more than a year to finalize the U.S.- Mexico deal because it got caught up in a dispute over” a Dodd-Frank mandate to disclose payments from foreign governments.
The Dodd-Frank waiver that had been included in the House-approved bill was dropped from the final budget deal “as a way to expedite the U.S.-Mexico agreement.”
“The bilateral agreement would remove a moratorium on 1.5 million acres of the western Gulf that has attracted interest from major oil companies.”