New Mexico Oil and Gas Industry Creates Grant Funding for Local Communities
New
Mexico’s oil and gas industry looked to give back to local communities across
the state through a grant program focus on education in science, technology,
engineering and math (STEM) fields.
The
New Mexico Oil and Gas Association, a trade group representing up to 900
members in the industry, announced a partnership with the Albuquerque Community
Foundation for a $1 million “Brighter Future Fund” to help increase STEM
education, along with economic opportunities, and to combat child hunger, read
a NMOGA news release.
Ryan
Flynn, executive director at NMOGA said oil and gas is the economic
“foundation” of New Mexico and must play a role in improving the lives of New
Mexicans.
NMOGA
data showed oil and gas contributed about $1.06 billion to New Mexico public
schools, about half of the industry’s $2.2 billion contribution to the State’s
general fund in fiscal year 2018.
About
$822.3 million for K-12 schools, and $240.5 million for higher education.
On
average, oil and gas contributed about $38,179 per teacher and $2,472 per
student, per NMOGA data.
“The oil and gas industry is proud of the role
we play as the economic foundation of New Mexico, but we’re most proud of the
role we can play to increase opportunities and improve the lives of our neighbors
and their communities,” Flynn said.
“Many
New Mexicans are already familiar with the track record of the oil and gas
industry in creating jobs or funding public schools. We’re stepping up because
New Mexico’s success depends on all of us doing our part to help each other
succeed – regardless of where we live or work.”
The
fund was a joint venture between NMOGA and the American Petroleum Institute,
with the Albuquerque Community Foundation serving as the fiscal agent.
Most
of oil and gas’ purported economic contributions in New Mexico were centered in
major population centers like Bernalillo County. Albuquerque and Las Cruces in
Doña Ana County got the most, records show, despite most production occurring
in rural counties such as Eddy and Lea in southeast New Mexico or San Juan in
the northwest.
While
the partnership will continue to focus on Albuquerque, where about half of New
Mexico’s population resides, per the release, it will also consider regional
and statewide opportunities, the release read, and invest the funds
“strategically” throughout the state.
NMOGA
and the Institute committed $1 million for the project through 2024, with a
plan to award $200,000 annually at $50,000 per quarter.
The
first awards were expected to be announced in December.
“The
oil and gas industry has a profound impact on our state that fits in perfectly
with the Chamber’s mission to promote economic development, to enhance economic
opportunities and to provide business and workforce education,” said
Albuquerque Hispano Chamber of Commerce President and Chief Executive Office
Ernie C' de Baca.
“We are proud of our outreach work with NMOGA
over the last year, and we are very excited about this announcement and the
impact it will have on our local community.”
Randy
Royster, president and chief executive officer of the Albuquerque Community
Foundation said the Fund was an opportunity for New Mexico communities to
benefit further from growth in the state’s oil and gas industry.
“We
are excited to partner with NMOGA and their members to provide New Mexico
communities with new ways to support STEM education, increase access to
economic opportunities, and fight child hunger,” he said.
“The foundation is a trusted partner to many in the Albuquerque area and beyond, and we’re confident that the Brighter Future Fund will have an incredible impact in the communities we serve.”