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Extraction of the state's nearby Permian Basin oil reserves for transportation and other uses rose to the nation's third highest, contributing 6% of total U.S. production in 2018. [3] New Mexico's oil extraction included the flaring of over 35 billion cubic feet of associated petroleum gas in each of the years 2018 and 2019. [4]
The auction, conducted Nov. 30 by the federal Bureau of Land Management, saw leases on about 553 acres in nine parcels sold to oil companies in New Mexico and Oklahoma
Significant discoveries included the Embrar oil field (1942), the TXL oil field (1944), the Dollarhide oil field (1945), and the Block 31 oil field (1945). [ 35 ] : 200–201, 230–231 [ 36 ] In 1966, the production of the Permian Basin measured 600 million barrels of oil, along with 2.3 trillion cubic ft of gas, which totaled $2 billion.
Map of the Mid-continent oil field. The Mid-continent oil field is a broad area containing hundreds of oil fields in the U.S. states of Arkansas, Kansas, Louisiana, New Mexico, Oklahoma and Texas. The area, which consists of various geological strata and diverse trap types, was discovered and exploited during the first half of the 20th century.
In 2023, New Mexico was producing about 1.8 million barrels per day (657 million barrels that year) of crude oil, 10 times more than it was producing in 2010, thanks to investments in new fracking ...
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This was led by population growth in the area, the report read, as Eddy and Lea counties in southeast New Mexico saw the highest population increases in the state at 15.8 and 15 percent, respectively.
Lea County is located in the southeast corner of New Mexico and borders Texas to the south and east. The Permian Basin, 250 mi (400 km) wide and 350 mi (560 km) long, underlies Lea County and adjacent Eddy County, as well as a large portion of West Texas. It produces 500,000 barrels of crude a day, and this number was expected to double in 2019.