S.Amdt. 5240
What it does: Adds SEC. __. ISSUANCE OF NEW LEASES at the in S.Amdt. 5161
Sen. Robert Menendez (D-NJ)What it changes
1 change to S.Amdt. 5161
Adds SEC. __. ISSUANCE OF NEW LEASES at the in S.Amdt. 5161
Adds a sectionInserted: SEC. __. ISSUANCE OF NEW LEASES.
Inserted: (a) Definitions.--In this section:
Inserted: (1) Lessee.--The term "lessee" includes any person or other entity that controls, is controlled by, or is in or under common control with, a lessee.
Inserted: (2) Secretary.--The term "Secretary" means the Secretary of the Interior.
Inserted: (b) Leases.--Effective beginning on the date of promulgation of regulations under subsection (c), the Secretary shall not issue any new lease that authorizes the exploration for or production of oil or natural gas under section 17 of the Mineral Leasing Act (33 U.S.C. 226), the Mineral Leasing Act for Acquired Lands (30 U.S.C. 351 et seq.), or the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) to a person unless the person--
Inserted: (1) certifies for each existing lease under those Acts for the production of oil or gas with respect to which the person is a lessee, that the person has diligently developed the Federal land that is subject to the lease in order to produce oil or natural gas or is producing oil or natural gas from the land; or
Inserted: (2) has relinquished all Federal oil and gas leases under which oil and gas is not being diligently developed.
Inserted: (c) Diligent Development.--
Inserted: (1) In general.--Not later than 180 days after the date of enactment of this Act, the Secretary shall promulgate regulations that define "diligently developed" for purposes of this section.
Inserted: (2) Regulations.--The regulations shall--
Inserted: (A) include benchmarks for oil and gas development that will ensure that leaseholders produce oil and gas from each lease within the original term of the lease; and
Inserted: (B) require each leaseholder to submit to the Secretary a diligent development plan demonstrating how the lessee will meet the benchmarks.
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Inserted: (d) Failure To Comply With Requirements.--Any person that fails to comply with this section (including any regulation or order issued under this section) shall be liable for a civil penalty under the terms and conditions of section 109 of the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1719).
Original wording
At the end of the amendment, add the following:
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As printed
SA 5240. Mr. MENENDEZ submitted an amendment intended to be proposed to amendment SA 5161 submitted by Mr. Cornyn and intended to be proposed to the bill S. 3268, to amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities, and for other purposes; which was ordered to lie on the table; as follows:
At the end of the amendment, add the following:
SEC. __. ISSUANCE OF NEW LEASES.
(a) Definitions.--In this section:
(1) Lessee.--The term “lessee” includes any person or other entity that controls, is controlled by, or is in or under common control with, a lessee.
(2) Secretary.--The term “Secretary” means the Secretary of the Interior.
(b) Leases.--Effective beginning on the date of promulgation of regulations under subsection (c), the Secretary shall not issue any new lease that authorizes the exploration for or production of oil or natural gas under section 17 of the Mineral Leasing Act (33 U.S.C. 226), the Mineral Leasing Act for Acquired Lands (30 U.S.C. 351 et seq.), or the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) to a person unless the person--
(1) certifies for each existing lease under those Acts for the production of oil or gas with respect to which the person is a lessee, that the person has diligently developed the Federal land that is subject to the lease in order to produce oil or natural gas or is producing oil or natural gas from the land; or
(2) has relinquished all Federal oil and gas leases under which oil and gas is not being diligently developed.
(c) Diligent Development.--
(1) In general.--Not later than 180 days after the date of enactment of this Act, the Secretary shall promulgate regulations that define “diligently developed” for purposes of this section.
(2) Regulations.--The regulations shall--
(A) include benchmarks for oil and gas development that will ensure that leaseholders produce oil and gas from each lease within the original term of the lease; and
(B) require each leaseholder to submit to the Secretary a diligent development plan demonstrating how the lessee will meet the benchmarks.
(d) Failure To Comply With Requirements.--Any person that fails to comply with this section (including any regulation or order issued under this section) shall be liable for a civil penalty under the terms and conditions of section 109 of the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1719).
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Senate amendment submitted
July 24, 2008