The bill introduces a new section to the Oil and Gas Act that establishes natural gas capture requirements for operators of oil or gas wells and natural gas gathering systems in New Mexico. Starting January 1, 2027, operators must ensure that at least ninety-eight percent of the natural gas produced or gathered is captured within a calendar year. However, certain exceptions apply where natural gas will not count towards this percentage, including gas released during emergencies, gas beneficially used by the operator, gas unsuitable for transportation or processing due to high concentrations of certain gases, gas vented during normal operations of pneumatic controllers and pumps, and gas vented or flared from exploratory wells.

Additionally, the bill mandates that the division responsible for overseeing these operations will create the necessary rules to implement these requirements. The term "operator" is defined in the bill as any person authorized to construct, manage, or operate an oil or gas well or associated facilities, as well as a natural gas gathering system.