[USC02] 10 USC 8724: Protection of oil reserves; contracts for conservation
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10 USC 8724: Protection of oil reserves; contracts for conservation Text contains those laws in effect on August 5, 2020
From Title 10-ARMED FORCESSubtitle C-Navy and Marine CorpsPART IV-GENERAL ADMINISTRATIONCHAPTER 869-NAVAL PETROLEUM RESERVES

§8724. Protection of oil reserves; contracts for conservation

(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 , §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 .)

Historical and Revision Notes
Revised sectionSource (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.