Natural Gas Competition Act of 1982

Natural Gas Competition Act of 1982 - Amends the Natural Gas Policy Act of 1978 to declare against public policy and unenforceable any provision of any contract for the first sale of natural gas which includes: (1) a take-or-pay clause which commits the purchaser to take delivery of a minimum volume of natural gas; or (2) an indefinite price esculator clause as defined in the Act. Excludes from the above any contract with a take-or-pay clause for the first sale of natural gas committed or dedicated to interstate commerce on November 1, 1978, and for which a just and reasonable rate under the Natural Gas Act was in effect on such date.

Authorizes the Federal Energy Regulatory Commission (FERC) upon application by the buyer or seller, to permit any take-or-pay clause in effect on or before December 1, 1982, to remain effective if: (1) it is necessary to prevent default by the seller; or (2) it is necessary to prevent a taking without fair compensation of the seller's property.

Requires each natural gas company to file a quarterly statement of actions with FERC of actions taken to achieve the lowest possible weighted average acquisition cost of natural gas.