New Mexico is evaluating new oil and gas drilling restrictions that have the potential to impact production and revenue in the coming years, according to a new study released this week by New Mexico's chief economist
New Mexico is evaluating new oil and gas drilling restrictions that have the potential to impact production and revenue in the coming years, according to a new study released this week by New Mexico 's chief economist. Proposed setbacks, aimed at limiting the proximity of wells to residential, educational, and environmental areas, could reduce future output by 5.4%, equating to about 12.5 million barrels of oil lost in the first year and over 35 million barrels by the early 2030s.
Missi Currier, CEO of the New Mexico Oil & Gas Association, highlighted that a statewide setback could hinder oil and gas development and weaken the state's economic footing. New Mexico is already a top oil producer—the second-largest oil-producing US state— generating record revenues from the Permian Basin boom. Additionally, New Mexico has driven the Permian's oil production growth over the past two years.
Mexico Oil Oil Production Crude Oil Supply
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