News

New Mexico breaks oil production record in 2018, as renewable agenda continues in Santa Fe

Adrian C Hedden | Carlsbad Current-Argus | March 12, 2019

A boom in oil production in New Mexico and the Permian Basin to the southeast defined 2018 for the industry, as a record 250 million barrels were produced last year.

The increase marks a 46 percent growth from 2017 to 2018, per data from the U.S. Energy Information Administration, overtaking the previous record set in 2017 of 171 million barrels by 78 million.

In 2016 and 2015, production hovered around 150 million, the two highest years at that time between then and 1981, records show.

Ryan Flynn, executive director of the New Mexico Oil and Gas Association said the upward trend was a sign of a “new” era in energy production for New Mexico.

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How diversity boosts performance in oil and gas

Andy Brogan | EY | January 23, 2019

EY survey highlights the need for diversity to help navigate oil and gas sector disruption and the value diversity brings to the bottom line.

Respondents emphasized more action should be taken to propel women into leadership roles. Companies choosing to put gender parity on their agendas will find they have a more engaged workforce, perform better and maintain higher retention rates.

"Men or women is not the main issue. What is more important is how we create the right culture and process that can inspire and motivate humans to work and engage with integrity, trust and commitment to achieve success.." - Oil and gas survey respondent

The majority of our respondents (51%) expect to see a slight increase in women in leadership roles, and though this is a positive outlook, it doesn’t represent the full story. Currently only 11% of senior leadership positions are filled by women, and small steps won’t get us to gender parity any time soon.

Think gender parity in the oil and gas industry is close? Think again.

11% of the top global oil and gas senior executives are women

98% of our survey respondents agree we are experiencing a time of monumental change within the oil and gas industry. Disruption due to the fall in oil price, geopolitical instability and financial and environmental regulatory policy change are driving a fundamental shift in the industry. Companies are changing business models, adjusting supply chains and reworking their portfolios to improve value.

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NM oil production hit record in 2018

Kevin Robinson-Avila | Albuquerque Journal | March 12, 2019

NMOGA_fbext_CNMOGA-1227.jpgALBUQUERQUE, N.M. — Southeastern New Mexico is riding a monster wave of oil production, with output flooding into an all-time record of 250 million barrels in 2018.

That’s up 46 percent over 2017, when the state produced 171 million barrels, also a record high at that time. And its nearly three times the 86 million barrels produced in 2012, when the modern technologies of hydraulic fracturing and horizontal drilling unleashed a years-long gusher from previously untapped shale oil reserves in the Permian Basin in southeastern New Mexico and West Texas.

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New Mexico Oil Production Soars to a Record 250 Million Barrels in 2018

Victor Blanco | NewsWest9 | March 12, 2019

SANTA FE, NM (KWES) - New Mexico’s oil boom continues to reach new heights as recently-published data shows oil production reaching a record-high of 250 million barrels of oil in 2018.

The United States Energy Information Administration reports oil production climbed 46% from 2017 to 2018, surging 78 million barrels past the previous record of 171 million barrels set in 2017.

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New Mexico Oil Production Soars to a Record 250 Million Barrels in 2018

Annual oil output increases 46% from 2017 to 2018

SANTA FE, NEW MEXICO – New Mexico’s oil boom continues to reach new heights as recently-published data shows oil production reaching a record-high of 250 million barrels of oil in 2018. The United States Energy Information Administration reports that oil production climbed an impressive 46% from 2017 to 2018, surging 78 million barrels past the previous record of 171 million barrels set in 2017.

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Oil and gas pipelines to connect Permian Basin with Gulf Coast clears federal hurdle

Adrian C. Hedden | Carlsbad Current-Argus | February 25, 2019

A pair of pipelines intended to carry crude oil and natural gas liquids from the Permian Basin to the Gulf Coast for export cleared a federal hurdle this month, receiving a nationwide permit from the U.S. Army Corps of Engineers.

The move signified that all federal and state regulatory agencies approved of final construction for the lines, according to a news release from EPIC Midstream Holdings.

“Given the growth that we’ve seen, the need for these investments is tremendous,” said Robert McEntyre, spokesman for the New Mexico Oil and Gas Association. “It continues to grow. This is absolutely part of the solution to remove bottlenecks.”

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