New Mexico oil production marks record in 2018
ALBUQUERQUE, N.M. (AP) — New Mexico has set a record, producing nearly 246 million barrels of oil last year.
The latest statistics from the state Oil Conservation Division show that’s up more than 40 percent from the previous year and almost three times the 86 million barrels produced in 2012.
The Albuquerque Journal reports the increase is tied to hydraulic fracturing and other technological advancements that have opened up previously untapped shale oil reserves in the Permian Basin, which stretches across parts of New Mexico and West Texas.
The statistics also show that natural gas production in New Mexico increased by 13 percent last year, marking the state’s highest output since 2008.
Industry officials and some state lawmakers say forecasts point to production levels growing even more by the end of 2019.