News

Oil and gas lease sale breaks records at almost $1B

Oil and gas lease sale breaks records at almost $1B - New Mexico Oil & Gas Association

Lisa Dunlap | Roswell Daily Record | September 7, 2018 

The sale of oil and gas leases by the U.S. Bureau of Land Management for parcels in southeast New Mexico has brought in close to $1 billion in revenues, breaking records and earning more than all 2017 lease sales combined.

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Southwestern States May Be Helping To Drive The Continuing National Economic Boom

Southwest Oil and Gas Boom Fuels National Economy

Tim Henderson | Stateline | September 11, 2018

An oil and gas bonanza in Southwestern states may be helping to drive the continuing national economic boom.

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Energy Summit: Industry to partner with local to sustain oil and gas growth

Energy Summit: Industry to partner with local to sustain oil and gas growth - New Mexico Oil & Gas Association

New MexicoAdrian C Hedden | Carlsbad Current-Argus | September 6 2018

There’s no end in sight for the ongoing oil boom in the Permian Basin and southeast New Mexico, but oil and gas and government officials called on the industry to partner with the communities that host developments to make sure continued industrial expansion is sustained — and safe.

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New approach to extracting fossil fuels has benefits

New approach to extracting fossil fuels has benefits - New Mexico Oil & Gas Association

Hari Viswanathan & Richard Middleton | Albuquerque Journal | August 31, 2018

SANTA FE, N.M. — Fossil fuels continue to drive our economy, as well as most of our cars. So it’s worth pursuing a new approach with economic and environmental benefits: using carbon dioxide (CO2) as a fracturing fluid, incentivized by a new development in the federal tax code. This technique creates a win-win-win: increased domestic oil and natural gas production with lower environmental impact, including permanently sequestering CO2 underground, which helps maintain earth-system balance.

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They Said It Couldn’t Be Done: Trump Admin Dominates with Billion-dollar Oil and Gas Sale

They Said It Couldn’t Be Done: Trump Admin Dominates with Billion-dollar Oil and Gas Sale - New Mexico Oil & Gas Association

New MexicoU.S. Department of the Interior | September 6 2018

WASHINGTON – In a testament to the Trump Administration's America First Energy Plan, the Bureau of Land Management’s (BLM) third-quarter oil and gas lease sale in New Mexico broke all previous records by grossing nearly $1 billion in bonus bids for 142 parcels. The two-day sale brought in more revenue than all BLM oil and gas sales in 2017 combined, and surpassed BLM’s previous best sales year. Revenue from the sale totaled $972,483,619.50 and illustrates the Trump Administration’s commitment to sustainably developing America’s energy and natural resources to achieve American energy dominance.

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RESEARCH & COMMENTARY: FRACKING CAUSING SURGE IN TAX REVENUE FOR NEW MEXICO

RESEARCH & COMMENTARY: FRACKING CAUSING SURGE IN TAX REVENUE FOR NEW MEXICO - New Mexico Oil & Gas Association

shutterstock_305340602.jpgTim Benson | The Heartland Institute | August 30, 2018

A report released in August 2018 by the New Mexico Consensus Revenue Estimating Group found state revenues will be 15 percent higher for the current fiscal year, which began in July, than previously estimated, leading to an extra $1.2 billion for state coffers. This is primarily due to “unprecedented” oil production levels in the Permian Basin due to advances in hydraulic fracturing (“fracking”) and horizontal drilling technology. The Land of Enchantment is now the third-largest oil producing state in America, behind only Texas and North Dakota.

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