The Associated Press
Created: December 22, 2020 06:39 AM
SANTA FE, N.M. (AP) — The State Land Office says there are fewer premium tracts available for leasing by oil and gas developers on trust land, particularly in the Permian Basin.
The agency said Monday that's having an effect on revenues. Lease sales netted nearly $17 million for the year, marking a decrease of nearly 68% when compared to 2019.
The sale completed earlier this month brought in more than $2.3 million for 2,880 acres.
Despite the historic drop in prices earlier this year and the economic fallout stemming from the pandemic, industry officials say production in the Permian Basin has remained stable.
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