Page:United States Statutes at Large Volume 120.djvu/3034

 PUBLIC LAW 109–432—DEC. 20, 2006

120 STAT. 3003

102 of the Gulf of Mexico Energy Security Act of 2006))’’ after ‘‘lands located outside Sale 181’’. SEC. 104. MORATORIUM ON OIL AND GAS LEASING IN CERTAIN AREAS OF GULF OF MEXICO.

(a) IN GENERAL.—Effective during the period beginning on the date of enactment of this Act and ending on June 30, 2022, the Secretary shall not offer for leasing, preleasing, or any related activity— (1) any area east of the Military Mission Line in the Gulf of Mexico; (2) any area in the Eastern Planning Area that is within 125 miles of the coastline of the State of Florida; or (3) any area in the Central Planning Area that is— (A) within— (i) the 181 Area; and (ii) 100 miles of the coastline of the State of Florida; or (B)(i) outside the 181 Area; (ii) east of the western edge of the Pensacola Official Protraction Diagram (UTM X coordinate 1,393,920 (NAD 27 feet)); and (iii) within 100 miles of the coastline of the State of Florida. (b) MILITARY MISSION LINE.—Notwithstanding subsection (a), the United States reserves the right to designate by and through the Secretary of Defense, with the approval of the President, national defense areas on the outer Continental Shelf pursuant to section 12(d) of the Outer Continental Shelf Lands Act (43 U.S.C. 1341(d)). (c) EXCHANGE OF CERTAIN LEASES.— (1) IN GENERAL.—The Secretary shall permit any person that, as of the date of enactment of this Act, has entered into an oil or gas lease with the Secretary in any area described in paragraph (2) or (3) of subsection (a) to exchange the lease for a bonus or royalty credit that may only be used in the Gulf of Mexico. (2) VALUATION OF EXISTING LEASE.—The amount of the bonus or royalty credit for a lease to be exchanged shall be equal to— (A) the amount of the bonus bid; and (B) any rental paid for the lease as of the date the lessee notifies the Secretary of the decision to exchange the lease. (3) REVENUE DISTRIBUTION.—No bonus or royalty credit may be used under this subsection in lieu of any payment due under, or to acquire any interest in, a lease subject to the revenue distribution provisions of section 8(g) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(g)). (4) REGULATIONS.—Not later than 1 year after the date of enactment of this Act, the Secretary shall promulgate regulations that shall provide a process for— (A) notification to the Secretary of a decision to exchange an eligible lease; (B) issuance of bonus or royalty credits in exchange for relinquishment of the existing lease;

VerDate 14-DEC-2004

43 USC 1331 note. Effective date. Termination date.

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