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The auction, conducted Nov. 30 by the federal Bureau of Land Management, saw leases on about 553 acres in nine parcels sold to oil companies in New Mexico and Oklahoma
And more of the oil produced by those rigs in the U.S. is being exported than since 2015, according to an Oct. 10 EIA report, when the U.S. lifted its ban on crude oil exports.
Oil and gas generated more than $15 billion in income for New Mexico in the last fiscal year, according to a state economic report presented to lawmakers during a recent meeting in Carlsbad ...
Extraction of the state's nearby Permian Basin oil reserves for transportation and other uses rose to the nation's third highest, contributing 6% of total U.S. production in 2018. [3] New Mexico's oil extraction included the flaring of over 35 billion cubic feet of associated petroleum gas in each of the years 2018 and 2019. [4]
Oil and gas production in New Mexico, 2010–2021 A New Mexico oil field, left, with crop circles on right, taken from the ISS in 2006. New Mexico is rich in fossil fuel and alternative energy resources. Major petroleum and natural gas deposits are located in the Permian Basin in southeast New Mexico and in the San Juan Basin in the northwest.
Before 2023, oil and produced water spills increased steadily in New Mexico from about 4.8 million gallons in 2021 and 2020, read the report. There were 1,368 reported incidents in 2021 and 1,217 ...
Lea County is located in the southeast corner of New Mexico and borders Texas to the south and east. The Permian Basin, 250 mi (400 km) wide and 350 mi (560 km) long, underlies Lea County and adjacent Eddy County, as well as a large portion of West Texas. It produces 500,000 barrels of crude a day, and this number was expected to double in 2019.
New Mexico's oil production jumped to 658 million barrels in fiscal year 2023 from 531 million barrels the previous year, helping to nudge state tax revenue to a record $12.7 billion.