A bill to amend the Outer Continental Shelf Lands Act.

Amends the Outer Continental Shelf Lands Act to revise the environmental standards under which Outer Continental Shelf leases or permits shall be cancelled. Provides that any compensation for a cancelled lease may be in any combination of cash, forgiveness of rents of royalties, or credits against future bonus bids.

Limits the criteria according to which the Secretary of the Interior may deny requests by Governors of affected States concerning proposed modifications of Outer Continental Shelf leasing programs.

Provides that, with respect to proposed lease sales, the Secretary shall determine the national interest by a balancing process that gives equal weight to obtaining oil and gas supplies and to environmental protection. Requires the Secretary to accept a Governor's recommendations as to whether a particular lease sale will provide a reasonable balance between the national interest and the well-being of the State's citizens, except in specified circumstances.

Requires that environmental studies with respect to proposed lease sales be subjected to peer review by scientists not employed or compensated by the Secretary and published by a specified date before the lease sale is announced.