summary
Introduced
01/19/2023
01/19/2023
In Committee
03/08/2023
03/08/2023
Crossed Over
Passed
Dead
03/18/2023
03/18/2023
Introduced Session
2023 Regular Session
Bill Summary
Future Oil & Gas Lease Royalty Rates
AI Summary
This bill amends the existing law to increase the maximum royalty rate for oil and gas leases on certain "premium" state lands in New Mexico from one-fifth to one-quarter of the oil and gas production. The bill also adds new provisions requiring lessees to use reasonable means to prevent the waste of oil or gas and pay royalty on any gas that is vented or flared, with the option for the state to waive the royalty on gas that is necessarily vented or flared. The changes made by this bill would apply to oil and gas leases issued on or after July 1, 2023.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
STBTC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution (on 03/08/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=164&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0164.pdf |
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