CryptoCurrency
New Mexico studies oil drilling restrictions that would hit output, revenue
By Georgina McCartney
NEW YORK (Reuters) -A top economist for the state of New Mexico, the second-largest oil-producer in the U.S., this week released a study on potential drilling restrictions that could hit up to 5.4% of its future crude output and result in billions of dollars in lost revenue.
The study evaluated setback proposals from the 2024 legislative session, which would restrict how close operators can drill to certain structures and environmental areas. They are intended to protect the public from oil and gas pollution.
“The topic is complicated and required more time to evaluate and analyze than what was provided during the session. This presentation was to provide the committee with further analysis,” said Ismael Torres, chief economist at New Mexico’s Legislative Finance Committee.
“It is too early to know what, if any, setbacks will be proposed in the upcoming session,” he added.
The setbacks evaluated in the report would take effect in 2026 and would affect 15% of new wells in the state, of which about a third would be lost, according to Torres.
That would amount to roughly 12.5 million barrels of oil output lost in the first year, and around 35 million barrels by the early 2030s.
Production value lost would peak at around $4.5 billion annually by 2034.
New Mexico houses portions of the prolific Permian shale field, which also crosses into Texas. The state was producing some 2.04 million barrels per day in July, according to the most recent data from the U.S. Energy Information Administration.
The report estimates more than half of the affected wells are on private land, a quarter of which are in Lea County, one of the fastest-growing oil-producing counties in the United States.
“A statewide setback would not accomplish increased mitigation of human health effects from oil and gas production, but it would be a detriment to the continued development of oil and gas resources and, ultimately, the State of New Mexico,” said Missi Currier, chief executive officer of the New Mexico Oil & Gas Association industry group.
The report was presented to the state’s Legislative Finance Committee on Tuesday.
The setbacks evaluated in the report would prevent operators from drilling within 2,250 feet (686 m) of most residential, education, health or correctional institutions, and halt drilling 650 feet from streams, lakes, ponds, wetlands, or irrigation infrastructure.
It would limit activity within 300 feet of all other surface water.
“The cost to human health and our natural resources far outweigh whatever revenue would be lost to the state,” said Charlie Barrett, a New Mexico environmental advocate and thermographer at the environmental group Earthworks.
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
Developing crypto regulations, along with a political shift toward cryptocurrencies, is a “very positive direction” for the industry, according to Changpeng Zhao.
With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.
It’s Bitcoin White Paper Day, but it’s also Halloween. Here are Cointelegraph’s six crypto mysteries to share around the campfire.
Bitget Wallet’s Telegram Mini App, Bitget Wallet Lite mini, has attracted more than six million users in just three days after its soft launch.
In just 16 years, Bitcoin has grown to become the world’s 10th largest asset and the best currency for “financial freedom,” according to Tether CEO, Paolo Ardoino.
-
Science & Environment1 month agoHow to unsnarl a tangle of threads, according to physics
-
Technology1 month agoIs sharing your smartphone PIN part of a healthy relationship?
-
Science & Environment1 month agoHyperelastic gel is one of the stretchiest materials known to science
-
Science & Environment1 month ago‘Running of the bulls’ festival crowds move like charged particles
-
Technology1 month agoWould-be reality TV contestants ‘not looking real’
-
Science & Environment1 month agoMaxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment1 month agoX-rays reveal half-billion-year-old insect ancestor
-
Science & Environment1 month agoSunlight-trapping device can generate temperatures over 1000°C
-
Technology4 weeks agoGmail gets redesigned summary cards with more data & features
-
Football4 weeks agoRangers & Celtic ready for first SWPL derby showdown
-
Technology1 month agoUkraine is using AI to manage the removal of Russian landmines
-
Sport4 weeks agoBoxing: World champion Nick Ball set for Liverpool homecoming against Ronny Rios
-
Science & Environment1 month agoLaser helps turn an electron into a coil of mass and charge
-
Technology1 month agoRussia is building ground-based kamikaze robots out of old hoverboards
-
Science & Environment1 month agoPhysicists have worked out how to melt any material
-
Science & Environment1 month agoLiquid crystals could improve quantum communication devices
-
Science & Environment1 month agoQuantum ‘supersolid’ matter stirred using magnets
-
Technology4 weeks agoSamsung Passkeys will work with Samsung’s smart home devices
-
Sport4 weeks agoAaron Ramsdale: Southampton goalkeeper left Arsenal for more game time
-
MMA4 weeks agoDana White’s Contender Series 74 recap, analysis, winner grades
-
TV4 weeks agoসারাদেশে দিনব্যাপী বৃষ্টির পূর্বাভাস; সমুদ্রবন্দরে ৩ নম্বর সংকেত | Weather Today | Jamuna TV
-
MMA4 weeks ago‘Uncrowned queen’ Kayla Harrison tastes blood, wants UFC title run
-
Science & Environment1 month agoA new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Technology1 month agoEpic Games CEO Tim Sweeney renews blast at ‘gatekeeper’ platform owners
-
News4 weeks agoWoman who died of cancer ‘was misdiagnosed on phone call with GP’
-
News4 weeks ago‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters
-
Money4 weeks agoWetherspoons issues update on closures – see the full list of five still at risk and 26 gone for good
-
News4 weeks agoNavigating the News Void: Opportunities for Revitalization
-
News4 weeks agoMassive blasts in Beirut after renewed Israeli air strikes
-
Technology1 month agoWhy Machines Learn: A clever primer makes sense of what makes AI possible
-
Science & Environment1 month agoWhy this is a golden age for life to thrive across the universe
-
News1 month agoRwanda restricts funeral sizes following outbreak
-
Technology4 weeks agoMicrosoft just dropped Drasi, and it could change how we handle big data
-
MMA4 weeks agoPereira vs. Rountree prediction: Champ chases legend status
-
News4 weeks ago▶ Hamas Spent $1B on Tunnels Instead of Investing in a Future for Gaza’s People
-
Football4 weeks agoWhy does Prince William support Aston Villa?
-
Technology4 weeks agoCheck, Remote, and Gusto discuss the future of work at Disrupt 2024
-
Business4 weeks agoWhen to tip and when not to tip
-
MMA4 weeks ago‘Dirt decision’: Conor McGregor, pros react to Jose Aldo’s razor-thin loss at UFC 307
-
Technology4 weeks agoMusk faces SEC questions over X takeover
-
Science & Environment1 month agoQuantum forces used to automatically assemble tiny device
-
Science & Environment1 month agoITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
Science & Environment1 month agoA slight curve helps rocks make the biggest splash
-
Womens Workouts1 month ago3 Day Full Body Women’s Dumbbell Only Workout
-
Technology1 month agoMicrophone made of atom-thick graphene could be used in smartphones
-
News4 weeks agoCornell is about to deport a student over Palestine activism
-
Sport4 weeks agoChina Open: Carlos Alcaraz recovers to beat Jannik Sinner in dramatic final
-
Sport4 weeks ago2024 ICC Women’s T20 World Cup: Pakistan beat Sri Lanka
-
Sport4 weeks agoWales fall to second loss of WXV against Italy
-
Business4 weeks ago
how UniCredit built its Commerzbank stake
-
Business4 weeks ago
DoJ accuses Donald Trump of ‘private criminal effort’ to overturn 2020 election
-
MMA4 weeks agoKayla Harrison gets involved in nasty war of words with Julianna Pena and Ketlen Vieira
-
Science & Environment1 month agoNuclear fusion experiment overcomes two key operating hurdles
-
News2 months ago▶️ Hamas in the West Bank: Rising Support and Deadly Attacks You Might Not Know About
-
Technology1 month agoMeta has a major opportunity to win the AI hardware race
-
Business4 weeks agoWater companies ‘failing to address customers’ concerns’
-
MMA4 weeks ago‘I was fighting on automatic pilot’ at UFC 306
-
Business4 weeks ago
Bank of England warns of ‘future stress’ from hedge fund bets against US Treasuries
-
News4 weeks agoGerman Car Company Declares Bankruptcy – 200 Employees Lose Their Jobs
-
News4 weeks agoHull KR 10-8 Warrington Wolves – Robins reach first Super League Grand Final
-
MMA4 weeks agoKetlen Vieira vs. Kayla Harrison pick, start time, odds: UFC 307
-
Sport4 weeks agoCoco Gauff stages superb comeback to reach China Open final
-
Sport4 weeks agoMan City ask for Premier League season to be DELAYED as Pep Guardiola escalates fixture pile-up row
-
Football4 weeks ago'Rangers outclassed and outplayed as Hearts stop rot'
-
Sport4 weeks agoWXV1: Canada 21-8 Ireland – Hosts make it two wins from two
-
Business4 weeks ago
Sterling slides after Bailey says BoE could be ‘a bit more aggressive’ on rates
-
Technology4 weeks agoTexas is suing TikTok for allegedly violating its new child privacy law
-
Sport4 weeks agoSturm Graz: How Austrians ended Red Bull’s title dominance
-
Business4 weeks ago
The search for Japan’s ‘lost’ art
-
Sport4 weeks agoPremiership Women’s Rugby: Exeter Chiefs boss unhappy with WXV clash
-
Technology4 weeks agoLG C4 OLED smart TVs hit record-low prices ahead of Prime Day
-
Technology4 weeks agoIf you’ve ever considered smart glasses, this Amazon deal is for you
-
Science & Environment1 month agoTime travel sci-fi novel is a rip-roaringly good thought experiment
-
Science & Environment1 month agoNerve fibres in the brain could generate quantum entanglement
-
Technology1 month agoUniversity examiners fail to spot ChatGPT answers in real-world test
-
News4 weeks agoFamily plans to honor hurricane victim using logs from fallen tree that killed him
-
Technology4 weeks agoThe best shows on Max (formerly HBO Max) right now
-
Entertainment4 weeks agoNew documentary explores actor Christopher Reeve’s life and legacy
-
Business1 month agoStocks Tumble in Japan After Party’s Election of New Prime Minister
-
Business4 weeks ago
Top shale boss says US ‘unusually vulnerable’ to Middle East oil shock
-
Technology4 weeks agoSingleStore’s BryteFlow acquisition targets data integration
-
Technology4 weeks agoOpenAI secured more billions, but there’s still capital left for other startups
-
Money4 weeks agoPub selling Britain’s ‘CHEAPEST’ pints for just £2.60 – but you’ll have to follow super-strict rules to get in
-
Entertainment4 weeks agoBruce Springsteen endorses Harris, calls Trump “most dangerous candidate for president in my lifetime”
-
News1 month ago▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Science & Environment1 month agoHow to wrap your mind around the real multiverse
-
MMA4 weeks agoJulianna Peña trashes Raquel Pennington’s behavior as champ
-
Technology4 weeks agoThis AI video generator can melt, crush, blow up, or turn anything into cake
-
Technology4 weeks agoJ.B. Hunt and UP.Labs launch venture lab to build logistics startups
-
Technology4 weeks agoAmazon’s Ring just doubled the price of its alarm monitoring service for grandfathered customers
-
Politics4 weeks ago
Rosie Duffield’s savage departure raises difficult questions for Keir Starmer. He’d be foolish to ignore them | Gaby Hinsliff
-
Technology4 weeks agoThe best budget robot vacuums for 2024
-
Sport4 weeks agoNew Zealand v England in WXV: Black Ferns not ‘invincible’ before game
-
Business4 weeks agoChancellor Rachel Reeves says she needs to raise £20bn. How might she do it?
-
TV4 weeks agoTV Patrol Express September 26, 2024
-
Technology4 weeks agoApple iPhone 16 Plus vs Samsung Galaxy S24+
-
MMA4 weeks agoPennington vs. Peña pick: Can ex-champ recapture title?
-
Business4 weeks ago
Head of UK Competition Appeal Tribunal to step down after rebuke for serious misconduct
-
Money3 weeks agoTiny clue on edge of £1 coin that makes it worth 2500 times its face value – do you have one lurking in your change?
-
Sport1 month agoWorld’s sexiest referee Claudia Romani shows off incredible figure in animal print bikini on South Beach
You must be logged in to post a comment Login