The New Mexico State Land Office reported late last week that it received $108,916,517 in royalty payments in February from oil and gas operations on state trust land, setting a new record and topping $100 million for the first time.
“As projected, the Land Office is on track to raise another billion dollars this year for our public schools, hospitals, universities and other public institutions,” New Mexico Land Commissioner Stephanie Garcia Richard commented in a written statement emailed to Rigzone.
The State Land Office noted that it distributes revenue received from royalty payments to New Mexico’s State Investment Council. The council invests the money into the state’s Land Grant Permanent Fund, the agency added.
“The money that we receive in this office is vital to all New Mexicans – whether that money is from royalty payments from oil and gas, outdoor recreation permits, renewable energy or rights of way easements – almost every penny goes to making our state a better place all while saving taxpayers money that would otherwise be needed to pay for our public institutions," noted Garcia Richard.
The $108,916,517 figure for February reflects royalties paid on production from November 2019, the State Land Office pointed out. It explained the agency’s Royalty Management Division reports royalty revenue three months after production.
According to figures from the New Mexico Energy, Minerals and Natural Resources Department’s Oil Conservation Division, the state produced 29.6 million barrels of oil and 153.3 billion cubic feet of gas in November 2019.
To contact the author, email mveazey@rigzone.com.
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