News

New Mexico’s Oil Output Rises Signaling a Modest Shale Recovery

Sheela Tobben, Bloomberg | July 30th, 2021New Mexico’s oil production surged to a record in May highlighting the Permian Basin’s role as the shale industry sees some recovery from the pandemic.

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Oil and gas accounted for 18 percent of state’s economy in 2019

Mike Cook, Las Cruces Bulletin | July 30th, 2021A report issued in mid-July by the New Mexico Oil and Gas Association (NMOGA) and the American Petroleum Institute (API) shows that New Mexico’s oil and natural gas industry added almost $19 billion to the state’s gross domestic product in 2019, NMOGA said in a news release.

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U.S. crude oil exports reached record levels in 2020 and remain high in 2021

U.S. Energy Information Administration | July 20th, 2021Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020. So far this year (as of July 9, 2021), U.S. crude oil exports have averaged 3.00 million barrels per day (b/d). The most recent four-week rolling average of U.S. crude oil exports reached 3.51 million b/d, according to our Weekly Petroleum Status Report.

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Cavitation Technologies Raises $1.5 Million for Permian Basin Project

Mark Madler, San Fernando Valley Business Journal | July 20th, 2021Cavitation Technologies Inc. has raised $1.5 million through the sale of 23 million units of common shares of its stock as well as warrants for future sales of more shares.

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New Analysis: Oil and Natural Gas Accounted for $18.8 Billion, 17.9% of NM Economy in 2019

Industry Critical to State’s Post-Pandemic Recovery

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Leasing ban threatens the future of New Mexico

Joseph Sanchez, Albuquerque Journal l July 18, 2021

Last month, a group of 24 New Mexico Democrats sent a letter to President Biden supporting the administration’s moratorium on federal oil and gas leases.

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