10 U.S.C. § 8724 Protection of Oil Reserves; Contracts For Conservation

• Library: United States Statutes
• Edition: 2023 Edition
• Currency: Current through P.L. 118-13 (published on www.congress.gov on 08/07/2023),Current through P.L. 118-19 (published on www.congress.gov on 10/06/2023)

(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 as 10 U.S.C. § 8724

Source: 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)8724,, 132 Stat. 1836.

current through 5/24/2023

<TABLE> <TR><TD colspan="3">HISTORICAL AND REVISION NOTES</TD> </TR> <TR> <TD>Revised section</TD> <TD>Source (U.S. Code)</TD> <TD>Source (Statutes at Large)</TD> </TR> <TR> <TD>7424</TD> <TD> <codecitation statecd="US" datatype="S" title="34">34 U.S.C. <codesec>524</codesec></codecitation> (4th par., less 1st proviso).</TD> <TD>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.</TD> </TR> </TABLE>