Exxon’s Permian Production to Yield $64B for New Mexico

Permian Production

Focus on Permian production would generate $64 billion in net economic benefits. The scope of benefits is for the state and local communities for the next 40 years. These are the findings from the study by Impact Data Source.

The study said the state government would receive $44 billion from new leases and royalties. To sum up, this includes $8.5 billion from state oil and gas severance taxes. Lastly, it is with an assumed oil price of $40 per barrel.

“The Permian Basin is the engine of America’s energy renaissance and New Mexico residents will see direct economic benefits and opportunities from our planned investments,” Exxon CEO Darren Woods said in a company statement.

“The benefit to this state’s bottom line, as represented by investments from companies like ExxonMobil, has been enormous,” said New Mexico governor Lujan Grisham. “My administration has been and will continue to be responsive to changes in the energy sector and the need for meaningful regulation and diversification as a means of ensuring a sustainable future – for our children, their education, the infrastructure that will support our collective future and more.”

In March, Exxon revealed its plans to increase Permian production. Likewise, the estimate is to more than 1 million barrels of oil equivalent per day by 2024.

The southeastern New Mexico communities where ExxonMobil o

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Source: Rigzone.com

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