The US and its neighbour Mexico have agreed to work together to hunt for and exploit oil and gas resources thought to exist beneath boundary waters in the Gulf of Mexico.
While the Transboundary Hydrocarbons Development Accord, signed for the US by Hillary Clinton, has to be ratified, the event marks a huge step forward.
According to the US Interior Department, this agreement makes nearly 1.5million acres of the US Outer Continental Shelf more accessible for exploration and production activities. The current resources estimate is 172million barrels of oil and 304billion cu.ft of gas.