February 20, 2012. Mexico and the United States signed an agreement to help U.S. firms and Mexican oil monopoly Pemex exploit deep water oil resources in the Gulf of Mexico that straddle the countries' maritime boundaries. The deal, negotiated last year, will lift the moratorium on oil and gas exploration and production for 1.5 million acres in the Gulf and sets up legal guidelines for companies to jointly develop any trans-boundary reservoirs.