Sec. 414. Lease sales
204 words·~1 min read·
/bill/113/hr/2081/ih/section-414A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Lands may be leased pursuant to this subtitle to any person qualified to obtain a lease for deposits of oil and gas under the Mineral Leasing Act ( 30 U.S.C. 181 et seq. ). The Secretary shall, by regulation, establish procedures for— receipt and consideration of sealed nominations for any area in the Coastal Plain for inclusion in, or exclusion (as provided in subsection (c)) from, a lease sale; the holding of lease sales after such nomination process; and public notice of and comment on designation of areas to be included in, or excluded from, a lease sale.
Bidding for leases under this subtitle shall be by sealed competitive cash bonus bids. In the first lease sale under this subtitle, the Secretary shall offer for lease those tracts the Secretary considers to have the greatest potential for the discovery of hydrocarbons, taking into consideration nominations received pursuant to subsection (b)(1), but in no case less than 200,000 acres. The Secretary shall— conduct the first lease sale under this subtitle within 22 months after the date of the enactment of this Act; and conduct additional sales so long as sufficient interest in development exists to warrant, in the Secretary’s judgment, the conduct of such sales.
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