New Mexico's State Land Office halts Permian Basin lease sales, seeking approval to raise royalty rates from 20% to 25%.

New Mexico's State Land Office has halted lease sales indefinitely on promising oil and gas development tracts in the Permian Basin, as it seeks approval from the state Legislature to raise royalty rates. The office aims to increase the top-tier royalty rate from 20% to 25%, following similar rates in Texas. Bills proposing this change have stalled in the Democratic-led Legislature.

March 08, 2024
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