Drill rigs in New Mexico reach all-time high

Posted at 1:35 PM, Jul 25, 2018

ALBUQUERQUE, N.M. (AP) – The number of oil and gas drill rigs operating in New Mexico has reached record levels as development in the Permian Basin booms.  The latest figures show there are 103 active rigs in New Mexico. The state previously reached that mark twice in 2014, beating the previous record of 101 in 2006.  The New Mexico Oil and Gas Association says the state is behind only Texas and Oklahoma when it comes to active rigs.  The group’s executive director, Ryan Flynn, says more rigs mean more jobs and revenue for the state. On average, one rig employees around 50 workers.  Revenue from oil and gas royalties, taxes and fees totaled more than $1.7 billion last fiscal year. More than $930 million went to public schools and the state’s universities and colleges.