A Report On The Petroleum And Natural Gas Resources Of New Mexico

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ISBN 13 :
Total Pages : pages
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Download or read book New Mexico's Energy Resources '81. Annual Report of Bureau of Geology in the Mining and Minerals Division of New Mexico Energy and Minerals Department written by and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Although production of U3O declined only slightly in 1980, New Mexico's share of domestic production has declined from 48% in 1976 to 35% in 1980. Production projections indicate a continued decline in 1981 and lower production until at least 1984. New Mexico has 41% of total domestic reserves producible in the $50-per-lb cost category. In keeping with the anticipated steady depletion of reserves, production of crude oil in New Mexico was 69.9 million bls, a 6.3% decline in production from 1979. Condensate production of 5.4 million bbls in 1980, however, represented an increase of 7% from 1979 production. Although natural gas production was the lowest since 1970 and declined by 2.6% from 1979 production, 1980 was the 15th year that production exceeded 1 trillion cu ft. Despite declines in production, the valuation of oil and gas production has increased significantly with oil sales doubling from the previous year and gas sales increasing by $409 million because of higher prices. Reserves have been estimated to be 959 million bbls of crude oil and 17.667 trillion cu ft of natural gas. Production of 19.5 million short tons of coal in 1980 represented a 33% increase over 1979 production and an increase of 157% since 1970. Coal resources in New Mexico are estimated to be 180.79 billion short tons, and production is projected to incease to 39.61 million tons in 1985 and 67.53 million tons in 1990. The most notable developments in geothermal energy have been in technical advances in drilling, testing, and applications, especially in the area of hot dry rock systems. The US Bureau of Land Management has issued 113 geothermal leases that remain active. Recent geothermal exploration activity has been detailed for 21 companies.