IT IS EXPECTED THAT NEW MEXICO’S REVENUE PICTURE WILL CONTINUE TO IMPROVE AS OIL PRODUCTION REACHES RECORD LEVELS. ROBERT MCENTYRE WITH THE NEW MEXICO OIL AND GAS ASSOCIATION SAYS 172 MILLION BARRELS OF OIL WERE EXTRACTED IN THE STATE IN 2017, WITH THE PERMIAN BASIN IN SOUTHEAST NEW MEXICO AND WEST TEXAS GETTING MUCH OF THE CREDIT.
HE SAYS THE PERMIAN IS ONE OF THE TOP ASSETS IN THE WORLD RIGHT NOW, SO WE CAN EXPECT MANY GREAT THINGS FOR NEW MEXICO IN THE FUTURE AS LONG AS PRODUCERS CAN GET THE JOB DONE THERE.
LAST YEAR’S RECORD SETTING PRODUCTION ECLIPSED THE PREVIOUS RECORD OF 147 MILLION BARRELS SET IN 2015 AND REPRESENTS A DOUBLING IN OIL PRODUCTION IN THE STATE SINCE 2011.
