New Mexico has made great strides in recent years through the development of methane rules that improve air quality and regulations that better protect ground and surface water.
Additionally, advancements in technology have allowed for wells to produce more efficiently and contributed to the reduction in emissions and increased safety around produced water.
The combination of regulation and technology ensures that the oil and gas industry is increasing environmental protections while contributing to New Mexico’s economic base.
Here are a few examples:
A recent analysis by S&P Global Commodity Insights revealed a significant milestone in the fight against climate change: a 26% reduction in methane emissions from oil and gas production operations in the Permian Basin in 2023. This achievement is not just a win for the environment but also a testament to the industry’s ability to innovate, adapt, and companies’ commitment to stewardship. The data, collected through high-frequency observation and nearly 700 high-resolution aerial surveys, provides the most accurate basin-wide estimate of methane emissions to date. The findings show that methane emissions fell by more than 34 billion cubic feet (Bcf) in 2023, equivalent to 18.5 million tons of carbon dioxide emissions avoided. This reduction is more than the total 2023 driving emissions avoided by every EV ever sold in the United States, even if all the vehicles were powered 100% by zero-carbon electricity.
The oil and gas industry in New Mexico is committed to minimizing its impact on our freshwater resources. Currently, the industry uses less than 1% of fresh water in its operations. This minimal use demonstrates the industry's dedication to sustainable practices and resource conservation. To further enhance water conservation efforts, the oil and gas industry is actively seeking additional ways to increase the reuse of treated, produced water through science-proven technologies. These innovative practices ensure that treated water can be safely utilized, reducing the demand for fresh water and preserving it for other essential uses.
Dollars Supporting New Mexicans
The oil and gas district shapes New Mexico's long- and short-term economic stability and prosperity. Only a 3% decrease in production, with a $65 per barrel of oil, would equate to over $350 million in revenue loss to the state.
No matter the price, a loss of production is a loss to all New Mexicans.