Sec. 102. Extension of deepwater oil and natural gas leases in Gulf of Mexico
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In this section the term covered lease means each oil and gas lease for the Gulf of Mexico Outer Continental Shelf region issued under section 8(b) of the Outer Continental Shelf Lands Act ( 43 U.S.C. 1337(b) ) that was not producing as of April 30, 2010. The Secretary of the Interior shall extend the term of a covered lease by 24 months. If fewer than 20 exploration or development wells have been spudded on deepwater leases in the Gulf of Mexico within 18 months after the date of enactment of this Act, the 24-month period under subsection
(b)for deepwater leases (water depths of 500 feet or greater) shall be extended by an additional 18 months. The lease term extension under this Act shall be in addition to any lease term suspension either granted or directed under section 5(a)(1) of the Act ( 43 U.S.C. 1334(a)(1) ) prior to or following the date of enactment of this Act. The Secretary shall reinstate any lease subject to subsection
(a)that expired between April 30, 2010 and the date of enactment of this Act, with a new expiration date as provided in subsection (b).
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