summary
Introduced
01/16/2024
01/16/2024
In Committee
01/24/2024
01/24/2024
Crossed Over
Passed
Dead
01/24/2024
01/24/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO PUBLIC LANDS; SETTING THE ROYALTY RATE ON FUTURE OIL AND GAS DEVELOPMENT LEASES ON STATE TRUST LANDS TO ENHANCE REVENUE FOR BENEFICIARIES.
AI Summary
This bill sets the royalty rate on future oil and gas development leases on state trust lands to between 25% and 16.67% (or 3/16) of the value or volume of the oil and gas produced. The bill also extends the ability for a lessee to continue the lease after the primary term if there is a well capable of producing gas in paying quantities but it is shut-in due to lack of pipeline connection or market. The bill will take effect on July 1, 2024.
Sponsors (2)
Last Action
Senate Finance Committee (03:30:00 2/13/2024 Room 322) (on 02/13/2024)
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=24&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/senate/SB0024.pdf |
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