Copyright © 2018 Albuquerque Journal
New Mexico oil production is booming at levels never before seen in state history, pushing output last year to an all-time record of 171 million barrels, according to the latest statistics from the state Oil Conservation Division.
That’s more than double the 85 million barrels the state produced in 2011, when modern drilling technology began pumping new life into the aging Permian Basin in southeastern New Mexico and West Texas. Output last year climbed 17 percent over 2016, when the state produced 146 million barrels.
The boom reflects massive investments in the New Mexico side of Permian, where huge companies like ExxonMobil are sinking billions of dollars into new drilling and exploration, said New Mexico Oil and Gas Association Executive Director Ryan Flynn.