Federal Oil and Gas Leasing Act of 1979

Federal Oil and Gas Leasing Act of 1979 - Alters the authority of the Secretary of the Interior to grant leases of oil and gas lands.

Permits the Secretary to lease lands which are favorable for the discovery of oil or gas within a producing geologic province only by competitive bidding. Sets forth the conditions for such bidding.

Permits the leasing of all other lands without such bidding.

Increases the size of the tract which may be leased from 640 to 2,560 acres or larger, in the discretion of the Secretary.

Establishes an initial period of five years for both competitive and noncompetitive leases. Permits an extension of such leases up to a total of five years under specified conditions.

Authorizes the Secretary to disapprove the assignment of such leases under specified conditions.

Permits the Secretary to refuse to accept a bid or issue a readjust or assign a lease when such action would be inconsistent with the antitrust laws.