ALBUQUERQUE, N.M. (AP) - Small- and medium-sized oil and gas producers in New Mexico are struggling to keep running aging wells based on outdated technology.
The Albuquerque Journal reports that independent producers might soon be swallowed up by an unprecedented oil and gas boom in southeastern New Mexico as ExxonMobil and other industry titans pump billions of dollars into previously untapped sections of the state's oil patch.
The smaller companies don't have the resources to invest in the drilling technology needed to dig into the oil-rich, hard shale-rock formations where the majors are now concentrated.
Local government officials and economic development professionals say the investment pouring in from the major players will easily make up for economic losses from the decline in traditional, or legacy operations that fueled past booms.
Information from: Albuquerque Journal, http://www.abqjournal.com
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