SANTA FE, N.M. (AP) — Land managers in New Mexico are considering an emergency rule that would allow oil and gas companies that lease state trust land to temporarily stop producing without penalty for at least 30 days, with a possible extension of up to 120 days.
State Land Commissioner Stephanie Garcia Richard on Friday pointed to the effects of the global coronavirus pandemic as well as the price war between Russia and Saudi Arabia.
She says it's in the best interest of public schools and other trust land beneficiaries if her agency allows companies to apply for temporary well shut-ins.
A public hearing is planned for April 17.