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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) To consolidate and protect the oil lands owned by the United States, the Secretary may--
(1) contract with owners and lessees of land inside or adjoining naval petroleum reserves for--
(A) conservation of oil and gas; and
(B) compensation for estimated drainage in lieu of drilling or operating offset wells; and
(2) acquire privately owned lands or leases inside Naval Petroleum Reserve Numbered 1 by exchange of--
(A) lands of the United States inside Naval Petroleum Reserve Numbered 1;
(B) the right to royalty production from any of the naval petroleum reserves; and
(C) the right to any money due the United States as a result of the wrongful extraction of petroleum products from lands inside Naval Petroleum Reserve Numbered 1.
(b) The Secretary shall report annually to Congress all agreements under this section.
Cite this article: FindLaw.com - 10 U.S.C. § 8724 - U.S. Code - Unannotated Title 10. Armed Forces § 8724. Protection of oil reserves; contracts for conservation - last updated January 01, 2024 | https://codes.findlaw.com/us/title-10-armed-forces/10-usc-sect-8724/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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