There are 1.2 million acres of leased but undrilled BLM lands in New Mexico. That is a hell of a lot. The contention that more is needed to be leased and that new inventory will cause more construction of drilling rigs is preposterous. The inventories of land that are leased but undrilled across the west is about 65 million acres. New Mexico is better than other states but it still has 25% of its inventory undrilled. Think speculation and price manipulation here.
freshfromflorida
· 1 year ago
I drink your milkshake!
dlhicks
· 1 year ago
re:jbaca
not entirely sure what you are getting at.. but keep in mind that just because an oil company leases land, does not mean it will drill there. Certainly it means they are very interested, and intend to drill there.. but frequently other factors come into play that can change this, for better or worse. Oil prices, the success/failure of other projects within the company, changing policies at the state or federal level, landowners, the success/failure of surrounding wells, and sometimes just plain old geology. Not everything has to be a conspiracy :)
All Comments
not entirely sure what you are getting at.. but keep in mind that just because an oil company leases land, does not mean it will drill there. Certainly it means they are very interested, and intend to drill there.. but frequently other factors come into play that can change this, for better or worse.
Oil prices, the success/failure of other projects within the company, changing policies at the state or federal level, landowners, the success/failure of surrounding wells, and sometimes just plain old geology.
Not everything has to be a conspiracy :)