{"id":"SEC-23-010","kind":"order","level":"sector-regulator","jurisdiction":"New Mexico (State trust lands)","state":"NM","metro":"","industry":"23","agency":"","eco":"","issuer":"New Mexico State Land Office (Commissioner Garcia Richard)","authority":"As SEC-23-008","instrument":"News release, \u0027Commissioner Stephanie Garcia Richard Issues Emergency Rule Allowing Operators to Apply for Temporary Shut-In of Oil Wells\u0027 (Apr. 21, 2020)","title":"Release announcing emergency rule 19.2.100.71 NMAC","dateIssued":"2020-04-21","effective":"2020-04-21","end":"n/a","startDate":"2020-04-21","endDate":"2020-06-30","quarters":["2020Q2"],"types":["OTHER"],"addressees":["State trust lessees; the public"],"clause":"Emergency rule 19.2.100.71 Temporary Shut-In Of Oil Wells Due To Severe Reduction In The Price Of Oil; minimum of thirty days with longer-term provisions to follow through statutory rulemaking; reasons stated: the COVID-19 crisis, the historic collapse in oil demand and unprecedented storage capacity challenges, including negative oil prices recorded in the U.S. market.","enforcement":"n/a (release)","functions":["EX","PM","CB"],"notes":"Links the rule to the Apr. 20, 2020 negative WTI settlement and to storage constraints; anticipates increased bonding for operators approved to shut in.","sourceUrl":"https://www.nmstatelands.org/2020/04/21/commissioner-stephanie-garcia-richard-issues-emergency-rule-allowing-operators-to-apply-for-temporary-shut-in-of-oil-wells/","snapshot":"https://web.archive.org/web/20200529042732/https://www.nmstatelands.org/2020/04/21/commissioner-stephanie-garcia-richard-issues-emergency-rule-allowing-operators-to-apply-for-temporary-shut-in-of-oil-wells/","fileExists":true,"fileBytes":116970,"grade":"primary","character":"","description":"","collection":"SEC-23","url":"/library/SEC-23-010","exhibitUrl":"/exhibit/SEC-23-010","citation":"New Mexico State Land Office (Commissioner Garcia Richard), News release, \u0027Commissioner Stephanie Garcia Richard Issues Emergency Rule Allowing Operators to Apply for Temporary Shut-In of Oil Wells\u0027 (Apr. 21, 2020) (Ex. SEC-23-010)","stateName":"New Mexico","related":[]}