NM energy revenue increase is the largest in the nation for FY 2017

Dec 11, 2017 12:00 PM

NMOGA_imageRachel Sapin / Albuquerque Business First / Dec. 1, 2017

New Mexico made $455 million from energy and minerals production on Federal and American Indian lands during Fiscal Year 2017, an increase of $86.5 million from the previous year.

That increase from the previous year is the largest of any state in the U.S., according to a release from the U.S. Department of the Interior.

“This is great news for New Mexico, and follows several months of steady increases in production and drilling activities on both state and federal lands," said Robert McEntyre, a spokesperson for the pro-industry nonprofit New Mexico Oil & Gas Association, in a statement Friday. "Ultimately, these gains mean more money for our public schools and more job opportunities for New Mexicans.”

Opening more federal and national monument land to oil and gas drilling has been a focus of the DOI this year under U.S. Secretary Ryan Zinke.

"As the administration continues to cut red tape and end the overregulation of responsible energy development, we will be able to direct more funds to local communities and create more good-paying American jobs," Zinke said in a statement Thursday.

The DOI's look into modifying New Mexico's Organ Mountains-Desert Peaks and Río Grande del Norte national monuments drew criticism from environmental advocacy groups earlier this year.

The New Mexico Oil and Gas Association has been in support Zinke's efforts to speed up the federal permitting process for drillers.

Read the full article here.