The New Mexico Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a legal contract that governs the operations and management of carbon dioxide storage and secondary recovery units in the state of New Mexico. This agreement is designed to promote sustainable practices in the energy industry while facilitating carbon capture and storage to combat greenhouse gas emissions. Under this agreement, a company or entity is granted the rights to operate a carbon dioxide storage and secondary recovery unit in New Mexico. The agreement outlines the specific terms, conditions, and responsibilities that the operator must adhere to during the operation of the unit. One of the primary objectives of the agreement is to enable the capture and storage of carbon dioxide emissions from industrial processes, such as power plants and manufacturing facilities. By capturing and storing carbon dioxide underground, the agreement aims to reduce the overall carbon footprint of these industries and mitigate climate change. The New Mexico Carbon Dioxide Storage and Secondary Recovery Unit Agreement also encourages the use of secondary recovery techniques to optimize oil and gas production. This involves injecting carbon dioxide into existing or depleted oil and gas reservoirs to enhance their productivity. Through this method, the agreement promotes the efficient extraction of hydrocarbons while simultaneously sequestering carbon dioxide. It is important to note that there might be different types of New Mexico Carbon Dioxide Storage and Secondary Recovery Unit Agreements based on the specific circumstances and parties involved. These agreements may vary in terms of their duration, scope, governing regulations, and financial arrangements. For example, there could be agreements tailored for private entities seeking to develop carbon capture and storage projects in New Mexico. Additionally, there might be agreements that specifically focus on the collaboration between energy companies and government entities to address carbon emissions and promote sustainable energy practices. In summary, the New Mexico Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a comprehensive legal framework that governs the operation of carbon dioxide storage and secondary recovery units in the state. It aims to promote carbon capture and storage, reduce greenhouse gas emissions, and optimize oil and gas production through the injection of carbon dioxide into reservoirs. The specific terms and variations of these agreements may depend on the parties involved and the particular objectives of the project.
New Mexico Carbon Dioxide Storage and Secondary Recovery Unit Agreement
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The Oil Conservation Division of the Energy, Minerals and Natural Resources Department regulates oil, gas, and geother- mal activity in New Mexico, including issuing well permits, ensuring abandoned wells are plugged and the land restored, and enforcing regulations and laws.
In 2022, over 48% of New Mexico's state budget was supported by the oil and natural gas industry, translating into funding for schools, building roads and strengthening our communities.In 2021, The Land of Enchantment received over $327 million dollars in conservation funding from the Land and Water Conservation Fund, ...
The New Mexico Oil and Gas Justice and Reform Act Reforms the Basic Framework of the 1935 Oil and Gas Act to: Expand the duties and authorities of the Oil Conservation Commission (OCC) and Oil Conservation Division (OCD) to include: Protection of the environment, Protection of public health, and.
The oil and gas proceeds derived from the sale of production from any well producing oil, gas or related hydrocarbons in New Mexico shall be paid to all persons legally entitled to such payments, commencing not later than six months after the first day of the month following the date of first sale and thereafter not ...
Except for the incentive programs described in the following table, the tax rate is 3.75% of taxable value which is defined to exclude royalties paid to federal, state or tribal governments and reasonable expense oftrucking any product from the production unit to the first place of market.