Sec. 424. Lease sales
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/bill/113/hr/3355/ih/section-424A 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, except as provided in paragraph (2). Lease sales under this subtitle may be conducted through an Internet leasing program, if the Secretary determines that such a system will result in savings to the taxpayer, an increase in the number of bidders participating, and higher returns than oral bidding or a sealed bidding system. 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 subtitle; evaluate the bids in such sale and issue leases resulting from such sale, within 90 days after the date of the completion of such sale; 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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