Bill > HB48

This bill sets the royalty rate on future oil and gas development leases on state trust lands in New Mexico to be between 3/16 and 1/4 of the oil and gas production, in order to enhance revenue for the beneficiaries of those lands. The bill also includes provisions related to the terms and conditions of such oil and gas leases, including requirements for the lessee to make timely royalty payments, provide production reports, and comply with relevant laws and regulations. The effective date of the bill's provisions is July 1, 2024.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=48&year=24