Official: NM Has Untapped Oil And Gas

New Mexico – The interim president of the New Mexico Oil and Gas Association says projections show the state's untapped natural gas reserves could result in trillions of additional cubic feet of gas, while the potential for crude oil could top a billion barrels.

Deborah Seligman addressed members of the Greater Albuquerque Chamber of Commerce during a luncheon Wednesday on the future of energy development in New Mexico.

Seligman says the oil and gas industry has "hit some bumps" in recent years, but a more stable regulatory environment would allow the industry to continue developing New Mexico's resources and contributing revenues to the state's coffers.

Seligman says one challenge facing the industry is an effort to establish a state or regional cap on greenhouse gas emissions. She says some companies may decided to do business elsewhere.

Copyright 2010 The Associated Press.