Page:United States Statutes at Large Volume 110 Part 1.djvu/655

 PUBLIC LAW 104-106—FEB. 10, 1996 110 STAT. 631 carrying out activities under chapter 641 of title 10, United States Code, relating to the naval petroleum reserves (as defined in section 7420(2) of such title). Funds appropriated pursuant to such authorization shall remain available until expended. Of the amount appropriated pursuant to the authorization of appropriations in the preceding sentence, the Secretary may use not more than $7,000,000 for carrying out activities related to the sale of Naval Petroleum Reserve Numbered 1 under section 3412. SEC. 3402. PRICE REQUIREMENT ON SALE OF CERTAIN PETROLEUM 10 USC 7430 DURING FISCAL YEAR 1996. note. Notwithstanding section 7430(b)(2) of title 10, United States Code, during fiscal year 1996, any sale of any part of the United States share of petroleum produced from Naval Petroleum Reserves Numbered 1, 2, and 3 shall be made at a price not less than 90 percent of the current sales price, as estimated by the Secretary of Energy, of comparable petroleum in the same area. SEC. 3403. EXTENSION OF OPERATING CONTRACT FOR NAVAL PETRO- ^ LEUM RESERVE NUMBERED 1. Section 3503 of the National Defense Authorization Act of Fiscal Year 1995 (Public Law 103-337; 108 Stat. 3111) is amended by striking out "two years" in the first sentence and inserting in lieu thereof "three years". Subtitle B—Sale of Naval Petroleum Reserve SEC. 3411. DEFINITIONS. For purposes of this subtitle: (1) The terms "Naval Petroleum Reserve Numbered 1" and "reserve" mean Naval Petroleum Reserve Numbered 1, commonly referred to as the Elk Hills Unit, located in Kern County, California, and established by Executive order of the President, dated September 2, 1912. (2) The term "naval petroleum reserves" has the meaning given that term in section 7420(2) of title 10, United States Code, except that the term does not include Naval Petroleum Reserve Numbered 1. (3) The term "unit plan contract" means the unit plan contract between equity owners of the lands within the boundaries of Naval Petroleum Reserve Numbered 1 entered into on June 19, 1944. (4) The term "effective date" means the date of the enactment of this Act. (5) The term "Secretary" means the Secretary of Energy. (6) The term "appropriate congressional committees" means the Committee on Armed Services of the Senate and the Committee on National Security and the Committee on Commerce of the House of Representatives. SEC. 3412. SALE OF NAVAL PETROLEUM RESERVE NUMBERED 1. (a) SALE OF RESERVE REQUIRED.—Subject to section 3414, not later than two years after the effective date, the Secretary of Energy shall enter into one or more contracts for the sale of all right, title, and interest of the United States in and to all lands owned California. 10 USC 7420 note.

�