The Permian Basin is a gift that keeps on giving. Oil producers have pumped out an astounding 30 billion barrels from the region since its discovery in 1921. However, an estimated 46 billion barrels of recoverable oil remain on the Delaware Basin side alone. The region has decades of growth ahead.Read more
SANTA FE - Legislation to increase teacher salaries, extend instructional time at public schools and boost spending on low-income students was signed into law Wednesday by New Mexico’s Democratic governor.
Gov. Michelle Lujan Grisham signed three bills that are tied to nearly a half-billion dollar increase in annual state general fund spending on public education.Read more
SANTA FE, NEW MEXICO – A new analysis of data from the United States Environmental Protection Agency and Energy Information Administration highlights a remarkable decline in methane emissions intensity from oil and natural gas production in the New Mexico-Texas Permian Basin. The analysis by Energy in Depth shows that methane emissions intensity declined by 57% from 2011 to 2017, even as oil and natural gas production in the basin increased by a combined 125% over the same period.Read more
The Bureau of Land Management raised $15.39 million in its quarterly oil and natural gas lease sale held March 28, in New Mexico and Oklahoma, Kallanish Energy reports.
The federal agency offered leases on 45 parcels covering 13,888 acres. The highest bid per acre was $40,411 sold to XTO Holdings LLC for 80 acres in Eddy County, New Mexico. Those same 80 acres produced the highest bid per parcel: $3.23 million.Read more
A deal between oil companies and a Texas firm could move almost a million barrels per day of crude oil capacity to the Delaware Basin in New Mexico and Texas.
The Carlsbad Current-Argus reports the deal will support a planned expansion of Oryx's Permian Basin system to 900,000 barrels of crude oil transportation capacity.Read more
The state's oil and gas sector continues to break records.
State revenue from oil and gas production reached $2.2 billion in fiscal year 2018, a record high and an increase of $465 million from the previous year, according to a new New Mexico Tax Research Institute report, the New Mexico Oil and Gas Association announced Tuesday.Read more