(Investing) – NEW YORK – New Mexico, the second-largest oil-producing state in the U.S., is studying new restrictions on drilling that would hit up to 5.4% of its future crude output and result in billions of dollars in lost revenue, the state’s chief economist said this week in a report. The study examined proposed setbacks – or restrictions on how close
(World Oil) – Hilcorp Energy Co., the privately held oil producer run by billionaire Jeff Hildebrand, will pay a $9.4 million civil penalty for failing to reduce emissions of methane and volatile gases in New Mexico. It’s the first settlement to address violations from fracing under the Clean Air Act’s New Source Performance Standards, the Department of Justice and Environmental
Oil and Gas 360 Publisher’s Note: You can view the EnerCom Denver—The Energy Investment Conference and the Energy Transition and Emerging Technologies Series presenter replays for a limited time. Ring Energy, Inc. is a growth-oriented, independent oil and natural gas company headquartered in The Woodlands, Texas. It is focused on the acquisition, exploration and development of high-quality, oil and liquids
World Oil (Bloomberg) – Oil rigs in the Permian and Bakken basins of the U.S. are producing at the most efficient rates in about 13 years, leading Macquarie Group analysts to predict the country’s crude production will top most consensus views. Rigs in the Midland basin of Texas and New Mexico drilled an average of 47 miles of horizontal lateral
Oil Price The second-largest oil-producing U.S. state, New Mexico, has seen record oil and gas output and revenues in recent years on the back of the booming activity in the Permian, the top U.S. shale field. New Mexico has driven the Permian’s oil production growth over the past two years. For example, two counties in the southeastern corner of the state, Lea
Oil Price A district court in New Mexico has allowed a lawsuit to proceed against the state’s governor, legislature, and agencies for failing to uphold their state constitutional duty to protect against pollution from oil and gas drilling. The lawsuit, Atencio v. State, was filed by indigenous and environmental groups in 2023, claiming that the state of New Mexico and other
World Oil (Bloomberg) – U.S. oil prices are more than high enough to make drilling new wells profitable, but some shale bosses say they’re hesitant because of political and regulatory “uncertainty” that won’t be settled until the November election, according to the Federal Reserve Bank of Dallas. “Until the next administration is decided, we’re in a state of flux when
BOE Report Oil and gas production in Texas, Louisiana and New Mexico decreased in the first quarter of 2024, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly survey of energy activity. The survey of executives at 147 energy firms suggested a small decline in production. A natural gas production index also turned negative and oilfield services
Oil Price New Mexico, home to part of the Permian basin, saw the highest crude oil production growth of any U.S. state last year, with output gains of 300,000 barrels per day (bpd) accounting for half of America’s oil production increase, the Energy Information Administration (EIA) said in a report on Thursday. Total U.S. crude oil production increased by 600,000 bpd in
Oil Price New Mexico is set to overtake Mexico’s crude oil production in the current month. That’s what commodity analysts at Standard Chartered have projected in a new report obtained by Oilprice.com, with New Mexico’s production in September just 74,000 barrels per day less than Mexico’s. “The surge in New Mexico’s output is centered on two counties, Lea and
New Mexico Oil and Gas Association Chisholm Energy Holdings, LLC (“Chisholm Energy” or the “Company”) announced a partnership to install real-time air emissions monitoring devices on select production facilities in southeastern New Mexico with the goal to receive independent operational certification from Project Canary. Project Canary to provide independent, real-time emission monitoring services and certification of operations in southeastern New Mexico. Environmental
Reuters New Mexico officials are asking the Biden administration to resolve confusion in the state’s oil and gas industry over a 60-day pause on allowing state-level staff to issue approvals for new federal lands drilling. In a letter dated Feb. 9 but seen by Reuters on Wednesday, Sarah Cottrell Propst, secretary of New Mexico’s Energy, Minerals and Natural Resources Department,
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