A bill to amend the act of February 25, 1920 (30 U.S.C. 226(b), and the Outer Continental Shelf Lands Act (43 U.S.C. 1337).

Summary

Provides that if any Federal lands available for mineral leasing are within any known geological structure of a producing oil or gas field, such lands shall be leased to the highest responsible qualified bidder by competitive bidding on royalty rates in amount or value of the production removed or sold from such lease. States that in no case shall any bid be accepted which is less than 12.5 percent in amount or value of the production removed or sold from the lease. Provides, under the Outer Continental Shelf Lands Act, that leases on specified submerged lands of the Outer Continental Shelf may be granted by the Secretary of the Interior to the highest responsible qualified bidder by competitive bidding on royalty rates in amount or value of the production saved, removed, or sold under regulations promulgated in advance. States that no bid shall be less than 12.5 percent in amount or value of the production saved, removed, or sold from the lease.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 March 1975

  Open at official source

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