To provide enhanced energy security through incentives to explore and develop frontier areas of the Outer Continental Shelf and to enhance production of the domestic oil and gas resources in deep water areas of the Outer Continental Shelf.
Outer Continental Shelf Enhanced Exloration and Deep Water Incentives Act - Amends the Outer Continental Shelf Lands Act to authorize the Secretary of the Interior to suspend any royalty or net profit share set forth in Outer Continental Shelf (OCS) oil or gas leases.
Declares that no royalty payment shall be due on new production from leases located in depths of 200 meters or more until the capital costs directly related to such production have been recovered out of the resulting proceeds.
Requires the Secretary to designate as frontier areas those portions of the OCS with respect to which the Secretary will exercise authority to modify royalty payment requirements.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 402.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E581-582)
Referred to the House Committee on Natural Resources.
Referred to the House Committee on Merchant Marine and Fisheries.
Referred to the Subcommittee on Energy and Mineral Resources.
Referred to the Subcommittee on Oceanography, Gulf of Mexico, and the Outer Continental Shelf.
Executive Comment Requested from Interior.
Subcommittee Hearings Held.
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