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
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.Read more
Oil trader Paul Vega is at the vanguard of shale’s next revolution.
Driving his pick-up truck through the heartland of the Permian basin -- the vast tract of west Texas scrub where one of history’s greatest oil booms means miles-long traffic jams -- Vega says there’s more crude being pumped than America’s refineries can absorb. Today, the primary task of trading houses like his is getting the stuff overseas.
Permian Basin crude prices have been depressed for months because there haven't been enough pipelines to take all the West Texas crude to the Gulf Coast. Some of those pipeline constraints are now easing, and prices for Permian crude are finally starting to gain some ground, an analysis from the U.S. Energy Information Administration suggests.Read more
When oil and gas started booming in southeast New Mexico, one of the first things people noticed was the traffic.
In 2017 as the boom took hold, the Eddy County Sheriff’s Office reported several accidents on highways outside of city limits, responding to multiple serious crashes – some fatal.
“I believe it’s a crisis,” said Eddy County Sheriff Mark Cage. “The whole area south of Eddy County is really struggling with our roads. There’s so much infrastructure that we need down here.”
Cage said the roads are struggling as state funds are not properly allocated to the region known for one of New Mexico’s biggest economic drivers: oil and gas.
“We generate a huge amount of revenue for the State,” Cage said. “And we need help with our infrastructure, so we can keep generating that revenue and do it safely.”
And the New Mexico Department of Transportation is getting closer to providing the safety needed for industry to continue its growth.
A main highway for oilfield traffic between Eddy and Lea counties is being upgraded, and NMDOT expected ongoing improvements to be finished by winter.
The NMDOT invested about $58 million in federal and state funds into the project, which would upgrade 32 miles of U.S. Highway 82 between Artesia and Maljamar, read a NMDOT news release.Read more