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End Speculative Oil and Gas Leasing Act of 2023
2/2/2024, 9:58 PM
Summary of Bill S 1622
Under this legislation, the Department of the Interior would be required to conduct a review of all existing oil and gas leases on federal lands to determine if they are being used for their intended purpose. If it is found that a lease is being held for speculative purposes, the lease would be terminated and the land would be made available for re-lease.
Additionally, the bill includes provisions to increase transparency in the leasing process, including requiring companies to disclose their plans for development and production on leased lands. This would help ensure that leases are being used for their intended purpose and not simply held as a financial investment. Overall, the End Speculative Oil and Gas Leasing Act of 2023 aims to promote responsible energy development on federal lands and prevent the exploitation of public resources for financial gain.
Congressional Summary of S 1622
End Speculative Oil and Gas Leasing Act of 2023
This bill specifies requirements for the leasing of oil and gas resources on federal lands.
The Bureau of Land Management (BLM), with respect to certain federal land that is covered by a reasonably foreseeable development scenario (i.e., a long-term projection of oil and gas development), must not offer the land for lease until such scenario includes an assessment of the land's oil and gas potential that specifically identifies the potential for all acres subject to decisions on availability for leasing.
If certain federal land that is otherwise available for leasing of oil and gas resources is not covered by a reasonably foreseeable development scenario, the BLM must complete such a scenario prior to making the land available for lease in accordance with the requirements and factors described in this bill.
In general, the BLM must not offer for lease certain federal land otherwise available for leasing of oil and gas resources if such land is designated in the applicable reasonably foreseeable development scenario as having low or no potential for the development of oil or gas resources. However, the bill provides for a variance process.
With respect to each of these requirements, exceptions apply for federal land that is leased for the purpose of preventing oil or gas drainage or that meets specified requirements related to size and proximity to an oil- or gas-producing well.
