New Mexico nets record revenues from oil and gas boom
Santa Fe New Mexican | Susan Montoya Bryan | February 12, 2019
ALBUQUERQUE — A surge in oil production has resulted in record revenues for state government coffers and public education. But industry officials cautioned Tuesday that regulatory certainty will have to be maintained if New Mexico wants to hold on to its spot as one of the United States’ top producers.
New figures released by the New Mexico Oil and Gas Association show revenues, taxes and other fees related to the fossil fuel-producing sector reached a high of $2.2 billion for the 2018 fiscal year.
That represents an increase of $465 million over the previous fiscal year and an additional $128 million specifically for education. Overall, the industry provided more than $1 billion for public schools and the state’s universities during the period.
3 trends that will sway shale growth in 2019
Rystad Energy | February 19, 2019
With US shale activity in 2019 beset by uncertainty, Rystad Energy identifies three trends for US light tight oil production that will have a profound impact on the evolution of the industry in 2019 and 2020:
-New Mexico emerging as a rising star
-A faster expansion among private operators and majors compared to public E&P players
-A steepening decline in base production that could impede output growth over the next two years.Read more
EPA Report Shows Increased Natural Gas Use Continues To Drive Down Air Pollution
Seth Whitehead | EnergyInDepth
The U.S. Environmental Protection Agency (EPA) released its annual “Our Nation’s Air” report on Tuesday, showing that air pollution declined 73 percent from 1970 to 2017 at the same time America’s gross domestic product (GDP) increased 262 percent.Read more
New Mexico senators defend oil and gas amid renewable energy agenda
Carlsbad Current-Argus | Adrian C Hedden | February 7, 2019
Southeastern New Mexico lawmakers continued to defend the oil and gas industry during the ongoing legislative session in Santa Fe, despite the renewable energy agenda presented by newly-elected Gov. Michelle Lujan Grisham.
In hopes of reminding the Legislature that oil and gas is an essential segment of New Mexico's economy, and must be protected amid increased emphasis on renewables, two state senators introduced Senate Memorial 20, declaring Feb. 6 "Oil and Gas Industry Day."Read more
BLM makes record-breaking $1 billion from O&G lease sales
WASHINGTON -- The Bureau of Land Management (BLM) has announced that 2018 was a record year for oil and natural gas lease sales – generating more than $1 billion – an amount that was nearly equal to the BLM’s budget for Fiscal Year 2018.
“Expanded access for oil and natural gas production through increased lease sales brings tangible benefits – like newly paved roads, upgraded school buildings, and better funded land and water conservation projects – to communities across the nation,” said API’s V.P. of Upstream and Industry Operations Erik Milito. “The shale revolution continues to support the shared goals of leading the world not just in energy production but also in driving economic growth, increasing U.S. energy security and helping to advance climate goals through responsible, innovative production and practices.
NM killing goose that lays golden eggs
AlbuquerqueJournal | Rep. Montoya | February 10th, 2019
What is the No. 1 source of education and state government funding in New Mexico? What is our No. 1 industry for employment, high-paying jobs and tax revenue? What is the specific source of the current $1.1 billion budget surplus?
If you said that the oil and gas industry is the “Golden Goose,” you would be correct. So why is the governor trying to place natural gas production on the endangered species list?
Since the beginning of the year, we’ve seen the new administration declare war on oil and gas producers, and at the same time propose a 13 percent budget increase. That’s like expecting to win the lottery every year!Read more