ALBUQUERQUE, N.M. (AP) — Oil and gas development infused $2.8 billion into New Mexico coffers during the 2020 fiscal year and marked its second-highest total revenue ever reported despite a global price war and plummeting demand amid the coronavirus pandemic, according to a report released Monday.
Wells Spud by Operator in 2020
The New Mexico Oil and Gas Association commissioned the nonprofit New Mexico Tax Policy Institute to analyze the economic impact of drilling on the state budget and the financing of education, public safety and other government programs.
Download Wells Spud NM in 2020
Industry revenues, which accounted for about one-third of total state spending, were fueled by sustained production in the Permian Basin. Straddling southeastern New Mexico and West Texas, the area is one of the most prolific plays in the world as major energy companies have spent the last several years consolidating their focus on the region.
Mineral leasing on federal land was the single largest source of oil and gas revenue for the state at more than $800 million, according to the report.
The state Environment Department announced Monday that it partnered with the U.S. Environmental Protection Agency to conducted helicopter flyovers of New Mexico’s two major basins using infrared technology to spot emissions at oil and gas operations. The agency said emissions are significantly higher than those reported by the industry and are in line with those identified by environmentalists and other groups.
According to the agency, of the 9,100 storage tanks observed in the Permian Basin, about 505 — or 5% — tanks were leaking methane or volatile organic compounds. Of the 1,400 flares observed, just over 4% were unlit and emitting pollutants. The percentages were similar for the San Juan Basin in northwestern New Mexico.
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