To allow United States persons to participate in energy development offshore from Cuba and other nearby countries.

Summary: U.S. Participation in Cuban Energy Exploration Act of 2007 - Authorizes U.S. persons to: (1) engage in the exploration for and extraction of hydrocarbon resources from any portion of a foreign exclusive economic zone that is contiguous to the U.S. exclusive economic zone; (2) export without license authority all equipment necessary for such activities; and (3) import such extracted hydrocarbon resources into the United States.

Directs the Secretary of the Treasury to authorize under a general license specified travel-related transactions for travel to, from, or within Cuba in connection with such activities.

SECTION 1. SHORT TITLE, FINDINGS, AND PURPOSE.

    (a) Short Title.--This Act may be cited as the ``U.S. Participation 
in Cuban Energy Exploration Act of 2007''.
    (b) Findings.--The Congress finds:
            (1) Current Federal laws and policies bar United States 
        nationals, including United States companies, from taking part 
        in exploration for and development of energy resources in areas 
        where such activities are controlled by the Government of Cuba.
            (2) Other countries do not impose the same restriction on 
        people and companies subject to their jurisdiction, so the 
        restriction penalizes United States nationals and companies 
        without affecting the ability of the Cuban Government to 
        benefit from those exploration and development activities.
            (3) It is in the national interest for United States 
        nationals, including United States companies, to be able to 
        compete for the opportunity to develop those resources if the 
        Government of Cuba decides to allow such development and if the 
        development is done in a manner consistent with protection of 
        the environment.
    (c) Purpose.--The purpose of this Act is to allow United States 
nationals, including United States companies, to take part in 
exploration for and development of energy resources in offshore areas 
near Cuba and in other similar offshore areas outside of but contiguous 
to the exclusive economic zone of the United States.

SEC. 2. AUTHORIZATION OF ACTIVITIES AND EXPORTS INVOLVING HYDROCARBON 
              RESOURCES BY UNITED STATES PERSONS.

    (a) Authorization.--Notwithstanding the provisions of law referred 
to in subsection (b), and subject to subsection (c), United States 
persons (including agents and affiliates of those United States 
persons) may--
            (1) engage in any transaction necessary for the exploration 
        for and extraction of hydrocarbon resources from any portion of 
        a foreign exclusive economic zone that is contiguous to the 
        exclusive economic zone of the United States;
            (2) export without license authority all equipment 
        necessary for the exploration for or extraction of hydrocarbon 
        resources described in paragraph (1); and
            (3) import into the United States hydrocarbon resources 
        extracted under the authority of this section, and products 
        thereof.
    (b) Provisions of Law Inapplicable.--The provisions of law referred 
to in subsection (a) are--
            (1) section 620(a) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2370(a));
            (2) the Cuban Liberty and Democratic Solidarity (LIBERTAD) 
        Act of 1996 (22 U.S.C. 6021 et seq.);
            (3) the Cuban Democracy Act of 1992 (22 U.S.C. 6001 et 
        seq.);
            (4) part 515 of title 31, Code of Federal Regulations 
        (Cuban Assets Control Regulations); and
            (5) any other law, Executive order, or regulation 
        prohibiting exports to or imports from Cuba, or transactions in 
        property in which a Cuban national has an interest.
    (c) Applicability of Environmental Laws.--Any exploration for or 
extraction of hydrocarbon resources by a United States person within an 
area described in subsection (a)(1) shall be subject to the same laws, 
rules, and regulations for the protection of fish, wildlife, and the 
environment that are applicable to such activities within the exclusive 
economic zone of the United States.

SEC. 3. TRAVEL IN CONNECTION WITH AUTHORIZED HYDROCARBON EXPLORATION 
              AND EXTRACTION ACTIVITIES.

    (a) General License Authority for Travel-Related Expenditures by 
Persons Engaging in Hydrocarbon Exploration and Extraction 
Activities.--The Secretary of the Treasury shall authorize under a 
general license the travel-related transactions listed in section 
515.560(c) of title 31, Code of Federal Regulations, for travel to, 
from, or within Cuba in connection with exploration for and the 
extraction of hydrocarbon resources in any part of a foreign maritime 
exclusive economic zone that is contiguous to the exclusive economic 
zone of the United States.
    (b) Persons Authorized.--Persons authorized to travel to Cuba under 
this section include full-time employees, executives, agents, and 
consultants of producers, distributors, and shippers of hydrocarbon 
resources.

SEC. 4. DEFINITIONS.

    In this Act--
            (1) the term ``exclusive economic zone of the United 
        States'' means the exclusive economic zone of the United States 
        established by Proclamation 5030 of March 10, 1983 (16 U.S.C. 
        1453 note);
            (2) the term ``foreign exclusive economic zone'' means an 
        economic zone contiguous to the territorial sea of a foreign 
        country that is asserted by the government of that country; and
            (3) the term ``United States person'' means--
                    (A) any United States citizen or alien lawfully 
                admitted for permanent residence in the United States; 
                and
                    (B) any person other than an individual, if 1 or 
                more individuals described in subparagraph (A) own or 
                control at least 51 percent of the securities or other 
                equity interest in that person.