Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act

Bill 113 hr 1613, also known as the Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act, is a piece of legislation that focuses on allowing the United States to enter into agreements with other countries regarding the exploration and extraction of oil and gas resources in areas of the outer continental shelf that are shared between the US and those countries.

The main purpose of this bill is to streamline the process for companies to obtain permits for drilling in these shared areas, by establishing a framework for cooperation and coordination between the US and its neighboring countries. This is seen as a way to promote energy security and economic growth by facilitating the responsible development of offshore oil and gas resources.

The bill also includes provisions for ensuring that any agreements entered into under this legislation comply with US laws and regulations, including environmental and safety standards. It also requires that any revenue generated from the extraction of resources in these shared areas be shared between the US and the other countries involved. Overall, the Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act aims to promote cooperation and collaboration in the exploration and extraction of offshore oil and gas resources, while also ensuring that environmental and safety standards are upheld.