Oil & Gas Program
URL: https://geoinfo.nmt.edu/resources/petroleum/home.cfml
New Mexico has been a major producer of oil and natural gas since hydrocarbons were first discovered in the state during the early 1920's. In 2016, New Mexico produced 145 million barrels of oil, 1.27 trillion cubic feet of natural gas, and 97 billion cubic feet of naturally occurring carbon dioxide. These valuable commodities are obtained from more than 2,000 oil and gas fields. In recent years the State of New Mexico derived more than 25% of its general fund revenues from taxes and royalties on oil, natural gas, and carbon dioxide production. These taxes and royalties have contributed more than 90% of the principal in the Severance Tax and Land Grant Permanent Funds, the earnings on which are used to fund education and other state government operations. Other petroleum tax receipts are placed directly in the state's general budget. In addition, more than 11,000 citizens of this state are directly employed by the oil and gas industry. The oil and gas industry, while primarily occupying the sparsely populated southeast and northwest areas of New Mexico, is a lynchpin of the state's economy and is fiscally essential.
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Additional Information
| Field | Value |
|---|---|
| Data last updated | unknown |
| Metadata last updated | August 30, 2023 |
| Created | unknown |
| Format | HTML |
| License | No License Provided |
| Created | 2 years ago |
| Collection frequency | one-time |
| Id | f493bf26-1348-4b83-8775-e1de281203f7 |
| License id | cc-by |
| Package id | b8445ce1-a897-4af4-982f-e45cd6342316 |
| Position | 4 |
| Resource contact email | [email protected] |
| Resource contact name | Ron Broadhead |
| Resource version | 1 |
| State | active |