STATE LAND OFFICE NEWS
The State Land Office initiated emergency rule-making to allow oil lessees to temporarily stop producing without penalty for at least 30 days, with a possible extension up to 120 days when Commissioner Garcia Richard initiates a longer-term rule change process. |
The emergency rule-making process is a response to low oil prices due to COVID-19 and compounded by the global price war between Russia and Saudi Arabia. The State Land Office manages over 13 million mineral acres for the benefit of New Mexico public schools, hospitals, and universities. It is in the best interest of these vital public institutions to allow temporary oil well shut-ins to assure the best value for non-renewable resources on state trust land.
Tele-Hearing Details:
When: Friday, April 17 from 1:00 p.m. to 2:30 p.m.
Where: GoToMeeting Online
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