New Mexico commissioner seeks higher cap on oil royalties | KOB 4
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New Mexico commissioner seeks higher cap on oil royalties

Land Commissioner Stephanie Garcia Richard Land Commissioner Stephanie Garcia Richard | 

The Associated Press
January 09, 2019 06:13 AM

SANTA FE, N.M. (AP) - New Mexico Land Commissioner Stephanie Garcia Richard says she is working on a bill with state lawmakers to allow higher royalty rates for oil and natural gas production on state trust land.

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Garcia Richards said Tuesday that she wants New Mexico to raise its royalty cap to 25 percent on future leases to match Texas. The commissioner currently can charge up to 20 percent on oil and gas production in some areas.

The State Land Office oversees energy leases across some 14,000 square miles (36,000 square kilometers) of state trust land and additional underground resources to help fund schools, universities and hospitals.

A 2017 bill to raise the royalty cap and levy charges on vented or flared gas never made it to a full state House or Senate vote.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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The Associated Press

Copyright 2019 The Associated Press. All rights reserved.

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