(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.
Open Table| Revised section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 7424 | 34 U.S.C. 524 (4th par., less 1st proviso). | June 4, 1920, ch. 228 (4th par., less 1st proviso, of amended 3d and 4th provisos), 41 Stat. 813; June 30, 1938, ch. 851, §1, 52 Stat. 1252; June 17, 1944, ch. 262, 58 Stat. 282. |
Amendments
2018—Pub. L. 115–232 renumbered section 7424 of this title as this section.
1980—Subsec. (a). Pub. L. 96–513 substituted "Naval Petroleum Reserve Numbered 1" for "naval petroleum reserve numbered 1" wherever appearing.
1976—Subsec. (a). Pub. L. 94–258 struck out "of the Navy" after "Secretary", "and oil shale" after "petroleum" in par. (1), and "in the ground" after "conservation" in subpar. (A) of par. (1).
1962—Subsec. (a). Pub. L. 87–796 inserted provisions in cl. (1) empowering the Secretary to contract with owners and lessees of land inside or adjoining oil shale reserves.
Effective Date of 2018 Amendment
Amendment by Pub. L. 115–232 effective Feb. 1, 2019, with provision for the coordination of amendments and special rule for certain redesignations, see section 800 of Pub. L. 115–232, set out as a note preceding section 3001 of this title.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–513 effective Dec. 12, 1980, see section 701(b)(3) of Pub. L. 96–513, set out as a note under section 101 of this title.
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