10-U.S.C.-7424

§7424 – Protection of Oil Reserves; Contracts For Conservation

Pathway

Title 10 > Subtitle C > Part IV > Chapter 641 > Section 7424

Details

• Reference: Section 7424
• Legend: §7424 – Protection of Oil Reserves; Contracts For Conservation
• USCode Year: 2013

Provision Content

(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.

(Aug. 10, 1956, ch. 1041, 70A Stat. 458; 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.)

Amendments

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 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.

U.S. Encyclopedia of Law Coverage

10-U.S.C.-7341 in the Legal Encyclopedia: Navy

In this entry about 10-U.S.C.-7341, find legal reference material, bibliographies and premiere content related to navy in the American Encyclopedia of Law, presenting a comprehensive view of the United States navy-specific issues, written by authorities in the field.

10-U.S.C.-7395 in the Legal Encyclopedia: Navy Administration

In this entry about 10-U.S.C.-7395, find legal reference material, bibliographies and premiere content related to navy administration in the American Encyclopedia of Law, presenting a comprehensive view of the United States navy administration-specific issues, written by authorities in the field.

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