New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin

New Mexico's State Land Office will withhold lease sales indefinitely on its most promising tracts for oil and natural gas development in the Permian Basin as it seeks approval for the state Legislature to increase top-tier royalty rates, Land Commissioner Stephanie Garcia Richard said Thursday. Bills have repeatedly stalled in the Democratic-led Legislature, including this year, that would raise New Mexico's top royalty rate for oil and gas development from 20% to 25%.