10 U.S.C. § 8724 — Protection of oil reserves; contracts for conservation
submitted 70 years ago by ch. 1041 to r/title-10-ARMED-FORCES · 135 words · no verdicts yet
To consolidate and protect United States oil lands, the Secretary may make conservation and drainage-compensation agreements and exchange specified United States interests for private lands or leases in Reserve 1. The Secretary must report these agreements yearly.
(a) To consolidate and protect United States-owned oil lands, the Secretary* may (1) contract with owners and lessees of land inside or adjoining reserves for (A) oil and gas conservation and (B) compensation for estimated drainage instead of drilling or operating offset wells; and (2) acquire private land or leases inside Reserve 1 by exchanging (A) United States land inside Reserve 1, (B) the right to royalty production from any reserve, or (C) the right to money owed the United States because petroleum* products were wrongfully extracted from Reserve 1 lands. (b) The Secretary must report every agreement under this section to Congress annually.
To consolidate and protect the oil lands owned by the United States, the Secretary* may—
contract with owners and lessees of land inside or adjoining naval petroleum reserves* for—
conservation of oil and gas; and
compensation for estimated drainage in lieu of drilling or operating offset wells; and
acquire privately owned lands or leases inside Naval Petroleum* Reserve Numbered 1 by exchange of—
lands of the United States inside Naval Petroleum Reserve Numbered 1;
the right to royalty production from any of the naval petroleum reserves; and
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.
The Secretary shall report annually to Congress all agreements under this section.
Source credit: (Aug. 10, 1956, ch. 1041, 70A Stat. 458, § 7424; Pub. L. 87–796, § 1(4), Oct. 11, 1962, 76 Stat. 904; Pub. L. 94–258, title II, § 201(5), Apr. 5, 1976, 90 Stat. 309; Pub. L. 96–513, title V, § 513(32)(A), Dec. 12, 1980, 94 Stat. 2933; renumbered § 8724, Pub. L. 115–232, div. A, title VIII, § 807(d)(5), Aug. 13, 2018, 132 Stat. 1836.)
- 1956Enacted · Act of Aug. 10, 1956, ch. 1041
- 1962Amended · Pub. L. 87-796 · 76 Stat. 904
- 1976Amended · Pub. L. 94-258 · 90 Stat. 309
- 1980Amended · Pub. L. 96-513 · 94 Stat. 2933
- 2018Amended · Pub. L. 115-232 · 132 Stat. 1836
A history note hasn’t been published yet. The record shows enactment by ch. 1041 on 1956-08-10.
all 0 arguments · sorted by: best
no arguments yet — make the first case