New Mexico Gov. Michelle Lujan Grisham told a U.S. House subcommittee recently that she sees the leading oil and natural gas producing state also becoming the nation’s leading developer of clean energy alternatives.
Articles from New Mexico
New Mexico Gov. Michelle Lujan Grisham signed into law Friday a bill establishing a 100% carbon-free goal for the energy mix in 2045, which aims to transition from coal resources to total reliance on renewable energy sources.
New Mexico set another record for oil production during 2018 at 250 million bbl, 46% higher year/year, according to the Energy Information Administration (EIA).
A Houston-based exploration and production company (E&P) with new approvals to step up some wells in the San Juan Basin has caused a controversy as New Mexico gets ready for an incoming Democratic governor to replace the incumbent Republican.
The November oil and gas lease sale held by the New Mexico State Land Office established an all-time record for revenue, reaching $43.2 million. The previous monthly record was $30.03 million set in July 2017. Katy TX-based Percheron Energy was the high bidder in sealed bids, obtaining 1,999.31 acres in Lea, Chaves and McKinley counties. All but one tract was sold, with one tract receiving no bids and a second tract withdrawn. Nine bidders combined for the total proceeds, with an average per-acre price of $5,431.88. Thirty-two bidders from eight states participated.
The future of oil and gas development in New Mexico’s portion of the Permian Basin hangs in the balance as the Bureau of Land Management (BLM) wraps up two weeks of public hearings to discuss a draft blueprint for resource development and environmental mitigation covering millions of acres in the state.
Riding the Permian Basin boom, New Mexico took in another $5.4 million from oil and natural gas lease sales on state lands, bringing its fiscal year (FY) 2018 total to more than $102 million, Land Commissioner Aubrey Dunn reported this week.
Reflecting the continuing surge in Permian Basin drilling, the New Mexico State Land Office (SLO) reported that it is nearing a record in oil and natural gas lease sale revenues, following the completion of a March auction that netted nearly $1.5 million.
Occidental Petroleum Corp.’s (Oxy) senior executives on Wednesday were whistling a familiar tune regarding production growth and efficiency gains, led by the Permian Basin, with fourth quarter output jumping year/year by a record 20,000 boe/d to 159,000 boe/d.