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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
The Texas cities of Midland, Odessa and San Angelo serve as headquarters for some of the oil production activities in the basin. The Permian Basin is also a major source of potassium salts . Potash mines are located in Lea and Eddy counties, New Mexico, and are operated by the room and pillar method.
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 ...
Oil and gas production means billions for New Mexico’s state coffers, with the New Mexico Oil and Gas Association reporting a financial impact of about $13.9 billion in the last fiscal year to ...
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]
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.
Compared to an average production of about 817,000 barrels of oil per day in fiscal year 2019, the LFC reported an estimated daily production of 1,876,000 barrels of oil per day in fiscal year 2024.
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.