The Oil Conservation Division (OCD) and its parent agency, the Energy, Minerals and Natural Resources Department (EMNRD) began work on stricter regulations on gas emissions from extraction facilities last year as mandated by Gov. Michelle Lujan Grisham through an executive order. Grisham established the State’s Climate Change Task Force, made up of EMNRD and the New Mexico Environment Department to find ways state operations and laws could be used or developed to reduce pollution in New Mexico and its impact on climate change. Reported last month, New Mexico Oil and Gas Association (NMOGA) reported that in 2018, oil and gas provided 134,000 instate jobs and $16.6 billion to the state’s economy.
January 1, 2020, marked a big change for marine vessels. The IMO (International Maritime Organization) has implemented a significant reduction in the sulfur content for the shipping industry in 2020. The reduction brings the previous 3.5% sulfur content (bunker fuel), plummeting down to the new 0.5% sulfur requirement. Goldman Sachs estimates the monetary impact could be as much as $240 billion during the 2020 calendar year.