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Ex. SEC-23-010 Order Primary source read

News release, 'Commissioner Stephanie Garcia Richard Issues Emergency Rule Allowing Operators to Apply for Temporary Shut-In of Oil Wells' (Apr. 21, 2020)

Release announcing emergency rule 19.2.100.71 NMAC

New Mexico State Land Office (Commissioner Garcia Richard) · New Mexico (State trust lands) (Sector regulator)

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The COVID Project

The record

Jurisdiction
New Mexico (State trust lands) · New Mexico
Level
Sector regulator
Authority
As SEC-23-008
Issued
2020-04-21 Apr. 21, 2020
Effective
2020-04-21
End
n/a (read as 2020-06-30)
In force
Apr. 21, 2020 to June 30, 2020
Quarters
2020 Q2
Limitation types
Other
Addressees
  • State trust lessees; the public
Functions reached
  • EX
  • PM
  • CB
Collection
Mining, Oil and Gas, and Energy Services SEC-23

Operative words

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)

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.

Retrieval note

The tool found a May 29, 2020 Wayback capture despite the archive's general outage; 116970 bytes.

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.