A bill to authorize the Secretary of the Interior to establish on certain public lands of the United States national petroleum reserves the development of which needs to be regulated in a manner consistent with the total energy needs of the Nation.

Authorizes the Secretary of the Interior to establish national petroleum reserves on any reserved or unreserved public lands of the United States except lands in the National Park System, the National Wildlife Refuge System, the Wild and Scenic Rivers System, the National Wilderness Preservation System, areas now under review for inclusion in the Wilderness System in accordance with provisions of the Wilderness Act of 1964, and lands in Alaska other than those in Naval Petroleum Reserve Numbered 4.

States that no national petroleum reserve that includes all or part of an existing naval petroleum reserve shall be established without prior consultation with the Secretary of Defense.

Authorizes the development of the oil and gas in the national petroleum reserves in the contiguous 48 States established pursuant to this Act. Requires competitive bidding procedures with prior public notice for any contract, lease, or operating agreement for development and production of oil and gas from a national petroleum reserve.

States that the terms and conditions for such development, which shall be prescribed by the Secretary of the Interior, shall be subject to disapproval by Congress.

Provides that any oil or gas produced from such petroleum reserves shall, with exceptions, be subject to all the limitations and licensing requirements of the Export Administration Act.

Authorizes and directs the Secretary of the Interior to explore for oil and gas on Naval Petroleum Reserve Numbered 4 and to report annually to Congress on his plan for exploration of such reserve.