Sec. 3. Comparative analysis of production practices from offshore producing country
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Not later than 1 year after the date of enactment of this Act, and not less frequently than once every 10 years thereafter, the Secretary of the Interior, in consultation with the Secretary of State and the Secretary of Energy, shall publish on the website of the Department of the Interior and submit to the Committee on Natural Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate a comparative analysis of the offshore oil and gas exploration, development, and production practices for each major offshore producing country.
To the fullest extent practicable, such comparative analysis shall include the following: Data on— the number of offshore acres offered for lease; the frequency of lease auctions, sales, and lease issuances; and lease structures, fiscal terms, and the competitive positioning of each major offshore producing country relative to United States leasing practices. Detailed reporting on the volume of oil and gas produced (measured in barrels on an annual basis and cubic feet, respectively), including historical trends, production forecasts, and the influence of technological advancements on production efficiency and recovery rates.
An accounting of regional market demands, export capabilities, and contributions to energy diversification strategies. An assessment, which shall be made in collaboration with the United States Geological Survey, of the volume of both undiscovered and discovered offshore oil and gas resources, including probabilistic estimates of resource volumes that consider geological, technological, and market factors impacting exploration, development, and production.