By MORGAN LEE Associated Press SANTA FE, N.M. (AP) — New Mexico’s State Land Office will withhold lease sales indefinitely on its most promising tracts for oil and gas development in the Permian Basin as it seeks approval for the state Legislature to increase top-tier royalty rates. Land Commissioner Stephanie Garcia Richard confirmed the decision Thursday. Bills have repeatedly stalled in the Democratic-led Legislature that would raise New Mexico’s top royalty rate for oil and gas development from 20% to 25%. Proponents of the change say neighboring Texas already charges up to 25%. New Mexico Oil and Gas Association CEO Missi Currier says the disagreement between Legislature and State La
Hence then, the article about new mexico halts some oil field lease sales in standoff over royalty rates in permian basin was published today ( ) and is available onNews channel ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin )