Published: Sep 02, 2011 8:37 PM EDT

WASHINGTON (AP) - The U.S. and Mexico are working toward a deal on how to share and regulate oil in reservoirs crossing their maritime border.
    
The State Department says officials spent two days this week in Washington beginning formal talks on a "trans-boundary energy agreement" for hydrocarbon reservoirs underneath the U.S.-Mexican border in the Gulf of Mexico.
    
More talks will take place in Mexico later this month. The sides hope to finish negotiations by the end of the year.
    
The State Department said in a statement that the U.S. and Mexico "are committed to the safe, efficient, and equitable development of such reservoirs, in accordance with the highest degree of safety and environmental standards."
    
It said a deal will improve energy security in North America and the safety of the Gulf of Mexico.

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