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Ex. SEC-23-011 Order Primary source read

News release, 'State Land Office Initiates Emergency Rulemaking Process to Allow Temporary Shut-In of Oil Wells' (Apr. 3, 2020)

Emergency rulemaking initiated

New Mexico State Land Office · 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
2020-04-03 Apr. 3, 2020
Effective
2020-04-03
End
n/a (read as 2020-06-30)
In force
Apr. 3, 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

'The COVID-19 pandemic brought home, almost overnight, the' consequences of the demand collapse; 'Russia and Saudi Arabia's relentless price war intended to' capture market share has 'drastically reduced the price of oil, but it has also created a' storage crisis; operators are 'trying to cut back production because pipelines and storage facilities are at' capacity; 'temporary shut-ins until we can better predict the future of the' market; emergency rule effective for thirty days 'with a possible extension up to 120 days'; a tele-hearing to be held on the draft (fragments as extracted from the rendered page).

Enforcement

n/a

Notes

The lessor's contemporaneous account that the pandemic, not only the price war, drove the shut-in rule; mentions the roughly $1 billion of annual lease revenue at stake.

Retrieval note

224903 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.