Bill > HB133

This bill makes several changes to the Oil and Gas Act in New Mexico. Key provisions include: 1. Allowing the Oil Conservation Division (OCD) to regulate the transfer of oil and gas wells and facilities, including limiting transfers when the transferor, transferee, or a major owner has a history of noncompliance, the transferee lacks adequate financial assurance, or the transfer poses risk to the state. The OCD can also authorize the conversion of oil and gas wells for energy storage or geothermal development. 2. Increasing the minimum amounts of financial assurance (bonds) required for oil and gas wells, from $250,000 for a blanket bond to $10 million, and increasing civil penalties for violations from $2,500-$10,000 per day to $10,000-$25,000 per day. 3. Requiring oil and gas operators to capture at least 98% of natural gas produced beginning in 2027. 4. Establishing setbacks for new oil and gas facilities, requiring them to be at least 2,250 feet from certain human and environmental receptors, with provisions for the OCD to modify the setbacks in some cases. 5. Allowing the OCD to adjust fees annually to account for inflation and creating a new fund to support the OCD's technology and enforcement efforts.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=133&year=24