Oil and Gas Leasing Reform Act of 1985

Summary

Oil and Gas Leasing Reform Act of 1985 - Amends the Mineral Leasing Act to revise provisions relating to the authority of the Secretary of the Interior to lease oil and gas lands. Authorizes the Secretary of the Interior to lease to the highest responsible qualified bidder, by competitive bidding, any lands subject to disposition under the Act which may contain oil or gas deposits. Provides that a lease shall: (1) be for an initial period of five years and as long thereafter as gas or oil is produced from the leased area in compliance with the diligence standards; (2) entitle the lessee to explore, develop, and produce oil and gas, conditioned upon compliance with diligence standards; and (3) be conditioned upon an annual rental payment of at least $2.00 per acre. Requires a minimum royalty of $4.00 per acre in lieu of rental at the expiration of each lease year. Requires any lessee conducting exploration, development, or production of oil or gas to provide the Secretary access to all data and information obtained from such activity which the Secretary may request.

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1 official file

• Introduced in House

  summary · EN · 3 April 1985

  Open at official source

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