A bill to amend the Outer Continental Shelf Lands Act with respect to payments to be made under oil and gas leases pursuant to such Act.

Provides that the grant of oil and gas leases by the Secretary of the Interior under the Outer Continental Shelf Lands Act shall be made on the basis of bidding, requiring that such bidding shall be: (1) by sealed bids; and (2) on the basis of a cash bonus and payments as provided for in this Act.

States that the payment shall be for any year during which a lessee produces oil or gas from any such lease and shall be determined according to a specified formula. Provides that the amendments made by this Act shall apply only to leases entered into after the date of enactment of this Act. (Amends 43 U.S.C. 1334, 1337)