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Tag Archives: Permian Basin

Advisory board recommends New Mexico county deny oil exploration permit

BERNALILLO, N.M. — An advisory board has recommended that Sandoval County deny permits for an Oklahoma company to explore for oil outside Rio Rancho. The County’s Planning and Zoning Commission on Thursday said that he County Commission should deny SandRidge Oil’s two requests to drill an exploratory well west of the city’s limits. The recommendation says SandRidge did not provide ...

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Oil plunge upends state budget session in New Mexico

Oil rig hands work on the floor of an oil and gas drilling rig in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

SANTA FE, N.M. — New Mexico lawmakers conferred with energy market experts and economists about plunging oil prices Wednesday as the Legislature crafts a new state budget that relies heavily on oil and natural gas revenues. The price of U.S. crude sank almost below $27 a barrel Wednesday to its lowest price since 2003 amid a glut in oil global ...

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New Mexico lobbyists dole out $750K in campaign donations

ALBUQUERQUE, N.M. — Lobbyists and their clients handed out about $750,000 in campaign contributions to New Mexico lawmakers, Gov. Susana Martinez and others in the months leading up to this year’s legislative session, according to the latest disclosure reports. The contributions were in addition to nearly $90,000 spent by lobbyists since last spring for food, drinks, gifts and entertainment for ...

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Gas, oil rigs down as Texas takes hit

Texas down 10 in weekly rig count

The number of active rigs searching for oil and gas in the United States dropped down 14 from last week for a total of 650 rigs. Texas saw the steepest decline, as seven rigs shut down, according to oilfield service company Baker Hughes. Just one oil rig shut down as crude oil prices continue to slump. The total number of ...

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Permian Basin saw major projects in 2015

A drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

Plummeting oil prices dominated the headlines in 2015, and to be sure, the economic fallout bled into other businesses. But the momentum of the waning boom still brought a number of major businesses as local businesses navigated the downturn. Rapidly growing thoroughfares continued to grow, including major projects. New businesses entered the market or expanded their presence, developments that included ...

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Occidental opens new facility in Midland

Occidental opens new facility in Midland

Occidental Petroleum opened doors to its new offices last month in Midland, Texas. The Oxy Permian Plaza is comprised of two office buildings connected by a conference center and covers 212,000 square feet. Oxy Permian Plaza is the second facility opened this year in Midland by Occidental Petroleum. The company constructed a training facility earlier this year. Occidental is the ...

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Oil fueling Eddy County’s economic future

oil storage, oil leak

CARLSBAD, N.M. — Stakeholders in New Mexico’s oil and gas industry, particularly in Eddy County, are bracing for where crude oil prices will land in this new year. The New Mexico Oil and Gas Association says the state had a record producing year but a drop in prices in 2015 had many wondering if it was the end of a boom, ...

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BP buys Devon Energy’s Blanco unit

FARMINGTON — BP has added more San Juan Basin assets to its natural gas portfolio for the first time in seven years. On Dec. 18, BP’s Lower 48 Onshore oil and gas business announced the acquisition of Devon Energy Corp.’s North East Blanco Unit, a collection of 480 natural gas wells across 33,000 gross acres in San Juan and Rio ...

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