Natural Gas Regulatory Reform Act

Natural Gas Regulatory Reform Act - Revises the Natural Gas Act to extend its provisions over interstate transportation or sale of natural gas which affects interstate commerce. Authorizes the Commission to allocate natural gas among pipelines to protect the public welfare, to maintain public services and agricultural operations, and to avoid economic hardships. States that after January 1, 1976 all production of new natural gas from Federal lands shall be sold or transferred in interstate commerce.

Requires each producer to make available to the Commission an up-to-date account of the natural gas reserves they have discovered. Provides that violators shall be barred from bidding on any lease on Federal lands. States that for specified exceptions the Commission shall prohibit boiler fuel use of natural gas and propane. Requires that agreements for development of natural gas reserves on Federal lands shall include an exploratory and development program designed to obtain maximum production. Provides that the person granted the right of development shall inform the Administrator of the Federal Energy Administration in writing immediately upon the discovery of natural gas on any Federal lands including estimates of the amounts discovered and a timetable for commercial development. States that unless such natural gas is produced and sold within two years after the date of discovery or the Administrator grants a petition for delay, the rights which have been granted the person to develop natural gas on Federal lands shall terminate.