Eighteen months of rapid production growth have propelled New Mexico into the No.3 spot among oil producing states, resulting in a new opportunity to improve the quality of life for all its citizens, according to leaders of the state’s largest industry trade group.
Oil production is reaching heights never before seen in New Mexico’s long history as an energy powerhouse. Twenty-eighteen “really has been a year without precedent,” declared Ken Waits, chairman of the New Mexico Oil and Gas Association, at the groups October annual convention in Santa Fe.
“We have seen record production, a record lease sale in Carlsbad and record rig counts,” added Ryan Flynn, NMOGA president. “And, during this unprecedented growth, emissions have been minimized, less water used and less surface disturbed.”
The oil and gas industry will return nearly $2 billion in taxes and fees to state government, about one-third of the state’s overall budget, Flynn noted.