Federal Oil and Gas Lease Management Improvement Act of 1998

TABLE OF CONTENTS:

Title I: Deferral to State Regulation of Oil and Gas Lease

Operations on Federal Lands

Title II: Use of Cost Savings from State Regulation

Title III: Streamlining and Cost Reduction

Federal Oil and Gas Lease Management Improvement Act of 1998 - Title I: Deferral to State Regulation of Oil and Gas Lease Operations on Federal Lands - Authorizes a State to notify the Secretary of the Interior of its intent to accept authority for oil and gas lease operations on Federal lands within such State. Transfers such authority by operation of law from the Bureau of Land Management (BLM) to a State six months after the Secretary receives the State's notice.

Title II: Use of Cost Savings from State Regulation - Instructs the Secretary to compensate any State for costs incurred to implement the transferred authorities.

Amends the Mineral Leasing Act to direct the Secretary to exclude from the 50 percent deduction from oil, gas, and geothermal revenues, with respect to calculation of specified Federal payments to States, the costs of preparing resource management planning documents and analyses for areas in which oil and gas leasing is excluded, or areas in which the primary activity under review is not oil and gas leasing and development. Title III: Streamlining and Cost Reduction - Prohibits the Department of the Interior from recovering its costs with respect to applications and other documents relating to oil and gas leases.

Prescribes guidelines for the decision-making process of the BLM and the Forest Service affecting oil and gas leases and operations.

Directs the BLM and the Forest Service to assure that unwarranted denials and stays of lease issuance and unwarranted restrictions on lease operations are eliminated from the administration of oil and gas leasing on Federal lands.

Sets forth a timetable for the Secretary of the Interior to: (1) report jointly with the Secretary of Agriculture to the Congress on the most efficient means of eliminating overlap and duplication between the BLM and the Forest Service; (2) publish notice in the Federal Register of a national inventory of oil and gas reserves and potential resources underlying Federal lands; and (3) report to the Congress a revised inventory of such reserves and resources as a result of public comment, and specifically indicate BLM steps to increase the percentage of lands open for oil and gas development.