NM HB80

Increases the percentage of Oil and Gas Conservation Tax distributed to the Oil and Gas Reclamation Fund: 50% starting July 1, 2027; 75% starting July 1, 2028; 100% from July 1, 2029 through June 30, 2037; then returning to 50% after July 1, 2037

Authorizes fund expenditures for surveying abandoned wells, well sites, and associated production facilities, as well as preparing plans for plugging abandoned wells and restoring/remediating abandoned well sites

Permits up to $250,000 annually beginning July 1, 2028 for statewide education on general energy and the sources and impacts of all energy-related emissions

Establishes the Oil and Gas Reclamation Fund as a nonreverting fund administered by the Energy, Minerals and Natural Resources Department, with authority to pursue indemnification suits against operators for plugging and remediation costs

Effective date is July 1, 2027