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[Congressional Record Volume 141, Number 82 (Wednesday, May 17, 1995)]
[Senate]
[Pages S6833-S6835]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

       ALASKA POWER ADMINISTRATION ASSET SALE AND TERMINATION ACT

  The text of the bill (S. 395) to authorize and direct the Secretary 
of Energy to sell the Alaska Power Marketing Administration, and for 
other purposes, as passed by the Senate on Tuesday, May 16, 1995, is as 
follows:
                                 S. 395

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

                                TITLE I

     SEC. 101. SHORT TITLE.

       This title may be cited as the ``Alaska Power 
     Administration Asset Sale and Termination Act''.

     SEC. 102. SALE OF SNETTISHAM AND EKLUTNA HYDROELECTRIC 
                   PROJECTS.

       (a) The Secretary of Energy is authorized and directed to 
     sell the Snettisham Hydroelectric Project (referred to in 
     this Act as ``Snettisham'') to the State of Alaska in 
     accordance with the terms of this Act and the February 10, 
     1989, Snettisham Purchase Agreement, as amended, between the 
     Alaska Power Administration of the United States Department 
     of Energy and the Alaska Power Authority and the Authority's 
     successors.
       (b) The Secretary of Energy is authorized and directed to 
     sell the Eklutna Hydroelectric Project (referred to in this 
     Act as ``Eklutna'') to the Municipality of Anchorage doing 
     business as Municipal Light and Power, the Chugach Electric 
     Association, Inc., and the Matanuska Electric Association, 
     Inc. (referred to in this Act as ``Eklutna Purchasers''), in 
     accordance with the terms of this Act and the August 2, 1989, 
     Eklutna Purchase Agreement, as amended, between the Alaska 
     Power Administration of the United States Department of 
     Energy and the Eklutna Purchasers.
       (c) The heads of other Federal departments and agencies, 
     including the Secretary of the Interior, shall assist the 
     Secretary of Energy in implementing the sales authorized and 
     directed by this Act.
       (d) Proceeds from the sales required by this title shall be 
     deposited in the Treasury of the United States to the credit 
     of miscellaneous receipts.
       (e) There are authorized to be appropriated such sums as 
     may be necessary to prepare, survey, and acquire Eklutna and 
     Snettisham assets for sale and conveyance. Such preparations 
     and acquisitions shall provide sufficient title to ensure the 
     beneficial use, enjoyment, and occupancy by the purchaser.

     SEC. 103. EXEMPTION AND OTHER PROVISIONS.

       (a)(1) After the sales authorized by this Act occur, 
     Eklutna and Snettisham, including future modifications, shall 
     continue to be exempt from the requirements of the Federal 
     Power Act (16 U.S.C. 791a et seq.) as amended.
       (2) The exemption provided by paragraph (1) does not affect 
     the Memorandum of Agreement entered into among the State of 
     Alaska, the Eklutna Purchasers, the Alaska Energy Authority, 
     and Federal fish and wildlife agencies regarding the 
     protection, mitigation of, damages to, and enhancement of 
     fish and wildlife, dated August 7, 1991, which remains in 
     full force and effect.
       (3) Nothing in this title or the Federal Power Act preempts 
     the State of Alaska from carrying out the responsibilities 
     and authorities of the memorandum of Agreement.
       (b)(1) The United States District Court for the District of 
     Alaska shall have jurisdiction to review decisions made under 
     the Memorandum of Agreement and to enforce the provisions of 
     the Memorandum of Agreement, including the remedy of specific 
     performance.
       (2) An action seeking review of a Fish and Wildlife Program 
     (``Program'') of the Governor of Alaska under the Memorandum 
     of Agreement or challenging actions of any of the parties to 
     the Memorandum of Agreement prior to the adoption of the 
     Program shall be brought not later than ninety days after the 
     date on which the Program is adopted by the Governor of 
     Alaska, or be barred.
       (3) An action seeking review of implementation of the 
     Program shall be brought not later than ninety days after the 
     challenged act implementing the Program, or be barred.
       (c) With respect to Eklutna lands described in Exhibit A of 
     the Eklutna Purchase Agreement:
       (1) The Secretary of the Interior shall issue rights-of-way 
     to the Alaska Power Administration for subsequent 
     reassignment to the Eklutna Purchasers--
       (A) at no cost to the Eklutna Purchasers;
       (B) to remain effective for a period equal to the life of 
     Eklutna as extended by improvements, repairs, renewals, or 
     replacements; and
       (C) sufficient for the operation of, maintenance of, repair 
     to, and replacement of, and access to, Eklutna facilities 
     located on military lands and lands managed by the Bureau of 
     Land Management, including lands selected by the State of 
     Alaska.
       (2) If the Eklutna Purchasers subsequently sell or transfer 
     Eklutna to private ownership, the Bureau of Land Management 
     may assess reasonable and customary fees for continued use of 
     the rights-of-way on lands managed by the Bureau of Land 
     Management and military lands in accordance with existing 
     law.
       (3) Fee title to lands at Anchorage Substation shall be 
     transferred to Eklutna Purchasers at no additional cost if 
     the Secretary of the Interior determines that pending claims 
     to, and selections of, those lands are invalid or 
     relinquished.
       (4) With respect to the Eklutna lands identified in 
     paragraph 1 of Exhibit A of the Eklutna Purchase Agreement, 
     the State of Alaska may select, and the Secretary of the 
     Interior shall convey to the State, improved lands under the 
     selection entitlements in section 6 of the Act of July 7, 
     1958 (commonly referred to as the Alaska Statehood Act, 
     Public Law 85-508, 72 Stat. 339, as amended), and the North 
     Anchorage Land Agreement dated January 31, 1983. This 
     conveyance shall be subject to the rights-of-way provided to 
     the Eklutna Purchasers under paragraph (1).
       (d) With respect to the Snettisham lands identified in 
     paragraph 1 of Exhibit A of the Snettisham Purchase Agreement 
     and Public Land Order No. 5108, the State of Alaska may 
     select, and the Secretary of the Interior shall convey to the 
     State of Alaska, improved lands under the selection 
     entitlements in section 6 of the Act of July 7, 1958 
     (commonly referred to as the Alaska Statehood Act, Public Law 
     85-508, 72 Stat. 339, as amended).
       (e) Not later than one year after both of the sales 
     authorized in section 102 have occurred, as measured by the 
     Transaction Dates stipulated in the Purchase Agreements, the 
     Secretary of Energy shall--
       (1) complete the business of, and close out, the Alaska 
     Power Administration;
       (2) submit to Congress a report documenting the sales; and
       (3) return unobligated balances of funds appropriated for 
     the Alaska Power Administration to the Treasury of the United 
     States.
       (f) The Act of July 31, 1950 (64 Stat. 382) is repealed 
     effective on the date, as determined [[Page S6834]] by the 
     Secretary of Energy, that all Eklutna assets have been 
     conveyed to the Eklunta Purchasers.
       (g) Section 204 of the Flood Control Act of 1962 (76 Stat. 
     1193) is repealed effective on the date, as determined by the 
     Secretary of Energy, that all Snettisham assets have been 
     conveyed to the State of Alaska.
       (h) As of the later of the two dates determined in 
     subsections (f) and (g), section 302(a) of the Department of 
     Energy Organization Act (42 U.S.C. 7152(a)) is amended--
       (1) in paragraph (1)--
       (A) by striking subparagraph (C); and
       (B) by redesignating subparagraphs (D), (E), and (F) as 
     subparagraphs (C), (D), and (E) respectively; and
       (2) in paragraph (2) by striking out ``and the Alaska Power 
     Administration'' and by inserting ``and'' after 
     ``Southwestern Power Administration,''.
       (i) The Act of August 9, 1955, concerning water resources 
     investigation in Alaska (69 Stat. 618), is repealed.
       (j) The sales of Eklutna and Snettisham under this title 
     are not considered disposal of Federal surplus property under 
     the Federal Property and Administrative Services Act of 1949 
     (40 U.S.C. 484) or the Act of October 3, 1944, popularly 
     referred to as the ``Surplus Property Act of 1944'' (50 
     U.S.C. App. 1622).
       (k) The sales authorized in this title shall occur not 
     later than 1 year after the date of enactment of legislation 
     defining ``first use'' of Snettisham for purposes of section 
     147(d) of the Internal Revenue Code of 1986, to be considered 
     to occur pursuant to acquisition of the property by or on 
     behalf of the State of Alaska.

     SEC. 104. DECLARATION CONCERNING OTHER HYDROELECTRIC PROJECTS 
                   AND THE POWER MARKETING ADMINISTRATIONS.

       Congress declares that--
       (1) the circumstances that justify authorization by 
     Congress of the sale of hydroelectric projects under section 
     102 are unique to those projects and do not pertain to other 
     hydroelectric projects or to the power marketing 
     administrations in the 48 contiguous States; and
       (2) accordingly, the enactment of section 102 should not be 
     understood as lending support to any proposal to sell any 
     other hydroelectric project or the power marketing 
     administrations.

                                TITLE II

     SEC. 201. SHORT TITLE.

       This title may be cited as ``Trans-Alaska Pipeline 
     Amendment Act of 1995''.

     SEC. 202. TAPS ACT AMENDMENTS.

       Section 203 of the Act entitled the ``Trans-Alaska Pipeline 
     Authorization Act'', as amended (43 U.S.C. 1652), is amended 
     by inserting the following new subsection (f):
       ``(f) Exports of Alaskan North Slope Oil.--
       ``(1) Subject to paragraphs (2) through (6), of this 
     subsection and notwithstanding any other provision of law 
     (including any regulation), any oil transported by pipeline 
     over right-of-way granted pursuant to this section may be 
     exported after October 31, 1995 unless the President finds 
     that exportation of this oil is not in the national interest. 
     In evaluating whether the proposed exportation is in the 
     national interest, the President--
       ``(A) shall determine whether the proposed exportation 
     would diminish the total quantity or quality of petroleum 
     available to the United States;
       ``(B) shall conduct and complete an appropriate 
     environmental review of the proposed exportation, including 
     consideration of appropriate measures to mitigate any 
     potential adverse effect on the environment, within four 
     months after the date of enactment of this subsection; and
       ``(C) shall consider, after consultation with the Attorney 
     General and Secretary of Commerce, whether anticompetitive 
     activity by a person exporting crude oil under authority of 
     this subsection is likely to cause sustained material crude 
     oil supply shortages or sustained crude oil prices 
     significantly above world market levels for independent 
     refiners that would cause sustained material adverse 
     employment effects in the United States.

     The President shall make his national interest determination 
     within five months after the date of enactment of this 
     subsection or 30 days after completion of the environmental 
     review, whichever is earlier. The President may make his 
     determination subject to such terms and conditions (other 
     than a volume limitation) as are necessary or appropriate to 
     ensure that the exportation is consistent with the national 
     interest.
       ``(2) Except in the case of oil exported to a country 
     pursuant to a bilateral international oil supply agreement 
     entered into by the United States with the country before 
     June 25, 1979, or to a country pursuant to the International 
     Emergency Oil Sharing Plan of the International Energy 
     Agency, any oil transported by pipeline over right-of-way 
     granted pursuant to this section, shall, when exported, be 
     transported by a vessel documented under the laws of the 
     United States and owned by a citizen of the United States (as 
     determined in accordance with section 2 of the Shipping Act, 
     1916 (46 U.S.C. App. 802)).
       ``(3) Nothing in this subsection shall restrict the 
     authority of the President under the Constitution, the 
     International Emergency Economic Powers Act (50 U.S.C. 1701 
     et seq.), or the National Emergencies Act (50 U.S.C. 1601 et 
     seq.) to prohibit exportation of the oil.
       ``(4) The Secretary of Commerce shall issue any rules 
     necessary for implementation, including any licensing 
     requirements and conditions, of the President's national 
     interest determination within 30 days of the date of such 
     determination by the President. The Secretary of Commerce 
     shall consult with the Secretary of Energy in administering 
     the provisions of this subsection.
       ``(5) If the Secretary of Commerce finds that 
     anticompetitive activity by a person exporting crude oil 
     under authority of this subsection has caused sustained 
     material crude oil supply shortages or sustained crude oil 
     prices significantly above world market levels and further 
     finds that these supply shortages or price increases have 
     caused sustained material adverse employment effects in the 
     United States, the Secretary of Commerce may recommend to the 
     President who may take appropriate action against such 
     person, which may include modification or revocation of the 
     authorization to export crude oil.
       ``(6) Administrative action with respect to an 
     authorization under this subsection is not subject to 
     sections 551 and 553 through 559 of title 5, United States 
     Code.''.

     SEC. 203. ANNUAL REPORT.

       Section 103(f) of the Energy Policy and Conservation Act 
     (42 U.S.C. 6212(f)) is amended by adding at the end thereof 
     the following:
       ``In the first quarter report for each new calendar year, 
     the President shall indicate whether independent refiners in 
     Petroleum Administration for Defense District V have been 
     unable to secure adequate supplies of crude oil as a result 
     of exports of Alaskan North Slope crude oil in the prior 
     calendar year and shall make such recommendations to the 
     Congress as may be appropriate.''.

     SEC. 204. GAO REPORT.

       The Comptroller General of the United States shall conduct 
     a review of energy production in California and Alaska and 
     the effects of Alaskan North Slope crude oil exports, if any, 
     on consumers, independent refiners, and shipbuilding and ship 
     repair yards on the West Coast. The Comptroller General shall 
     commence this review four years after the date of enactment 
     of this Act and, within one year after commencing the review, 
     shall provide a report to the Committee on Energy and Natural 
     Resources in the Senate and the Committee on Resources in the 
     House of Representatives. The report shall contain a 
     statement of the principal findings of the review and such 
     recommendations for consideration by the Congress as may be 
     appropriate.

     SEC. 205. RETIREMENT OF CERTAIN COSTS INCURRED FOR THE 
                   CONSTRUCTION OF NON-FEDERAL PUBLICLY OWNED 
                   SHIPYARDS.

       (a) In General.--The Secretary of Energy shall--
       (1) deposit proceeds of sales out of the Naval Petroleum 
     Reserve in a special account in amounts sufficient to make 
     payments under subsections (b) and (c); and
       (2) out of the account described in paragraph (1), provide, 
     in accordance with subsections (b) and (c), financial 
     assistance to a port authority that--
       (A) manages a non-Federal publicly owned shipyard on the 
     United States west coast that is capable of handling very 
     large crude carrier tankers; and
       (B) has obligations outstanding as of May 15, 1995, that 
     were dated as of June 1, 1977, and are related to the 
     acquisition of non-Federal publicly owned dry docks that were 
     originally financed through public bonds.
       (b) Acquisition and Refurbishment of Infrastructure.--The 
     Secretary shall provide, for acquisition of infrastructure 
     and refurbishment of existing infrastructure, $10,000,000 in 
     fiscal year 1996.
       (c) Retirement of Obligations.--The Secretary shall 
     provide, for retirement of obligations outstanding as of May 
     15, 1995, that were dated as of June 1, 1977, and are related 
     to the acquisition of non-Federal publicly owned dry docks 
     that were originally financed through public bonds--
       (1) $6,000,000 in fiscal year 1996;
       (2) $13,000,000 in fiscal year 1997;
       (3) $10,000,000 in fiscal year 1998;
       (4) $8,000,000 in fiscal year 1999;
       (5) $6,000,000 in fiscal year 2000;
       (6) $3,500,000 in fiscal year 2001; and
       (7) $3,500,000 in fiscal year 2002.

     SEC. 206. OIL POLLUTION ACT OF 1990.

       Title VI of the Oil Pollution Act of 1990 (Public Law 101-
     380; 104 Stat. 554) is amended by adding at the end thereof 
     the following new section:

     ``SEC. 6005. TOWING VESSEL REQUIRED.

       ``(a) In General.--In addition to the requirements for 
     response plans for vessels established in section 311(j) of 
     the Federal Water Pollution Control Act, as amended by this 
     Act, a response plan for a vessel operating within the 
     boundaries of the Olympic Coast National Marine Sanctuary or 
     the Strait of Juan de Fuca shall provide for a towing vessel 
     to be able to provide assistance to such vessel within six 
     hours of a request for assistance. The towing vessel shall be 
     capable of--
       ``(1) towing the vessel to which the response plan applies;
       ``(2) initial firefighting and oilspill response efforts; 
     and
       ``(3) coordinating with other vessels and responsible 
     authorities to coordinate oilspill response, firefighting, 
     and marine salvage efforts.
       ``(b) Effective Date.--The Secretary of Transportation 
     shall promulgate a final rule to implement this section by 
     September 1, 1995.''.
     [[Page S6835]]
     
     SEC. 207. EFFECTIVE DATE.

       This title and the amendments made by it shall take effect 
     on the date of enactment.

                               TITLE III

     SEC. 301. SHORT TITLE.

       This Title may be referred to as the ``Outer Continental 
     Shelf Deep Water Royalty Relief Act''.

     SEC. 302. AMENDMENTS TO THE OUTER CONTINENTAL SHELF LANDS 
                   ACT.

       Section 8(a) of the Outer Continental Shelf Lands Act (43 
     U.S.C. 1337(a)(3)), is amended by striking paragraph (3) in 
     its entirety and inserting the following:
       ``(3)(A) The Secretary may, in order to--
       ``(i) promote development or increased production on 
     producing or non-producing leases; or
       ``(ii) encourage production of marginal resources on 
     producing or non-producing leases; through primary, 
     secondary, or tertiary recovery means, reduce or eliminate 
     any royalty or net profit share set forth in the lease(s). 
     With the lessee's consent, the Secretary may make other 
     modifications to the royalty or net profit share terms of the 
     lease in order to achieve these purposes.
       ``(B)(i) Notwithstanding the provisions of this Act other 
     than this subparagraph, with respect to any lease or unit in 
     existence on the date of enactment of the Outer Continental 
     Shelf Deep Water Royalty Relief Act meeting the requirements 
     of this subparagraph, no royalty payments shall be due on new 
     production, as defined in clause (iv) of this subparagraph, 
     from any lease or unit located in water depths of 200 meters 
     or greater in the Western and Central Planning Areas of the 
     Gulf of Mexico, including that portion of the Eastern 
     Planning Area of the Gulf of Mexico encompassing whole lease 
     blocks lying west of 87 degrees, 30 minutes West longitude, 
     until such volume of production as determined pursuant to 
     clause (ii) has been produced by the lessee.
       ``(ii) Upon submission of a complete application by the 
     lessee, the Secretary shall determine within 180 days of such 
     application whether new production from such lease or unit 
     would be economic in the absence of the relief from the 
     requirement to pay royalties provided for by clause (i) of 
     this subparagraph. In making such determination, the 
     Secretary shall consider the increased technological and 
     financial risk of deep water development and all costs 
     associated with exploring, developing, and producing from the 
     lease. The lessee shall provide information required for a 
     complete application to the Secretary prior to such 
     determination. The Secretary shall clearly define the 
     information required for a complete application under this 
     section. Such application may be made on the basis of an 
     individual lease or unit. If the Secretary determines that 
     such new production would be economic in the absence of the 
     relief from the requirement to pay royalties provided for by 
     clause (i) of this subparagraph, the provisions of clause (i) 
     shall not apply to such production. If the Secretary 
     determines that such new production would not be economic in 
     the absence of the relief from the requirement to pay 
     royalties provided for by clause (i), the Secretary must 
     determine the volume of production from the lease or unit on 
     which no royalties would be due in order to make such new 
     production economically viable; except that for new 
     production as defined in clause (iv)(aa), in no case will 
     that volume be less than 17.5 million barrels of oil 
     equivalent in water depths of 200 to 400 meters, 52.5 million 
     barrels of oil equivalent in 400-800 meters of water, and 
     87.5 million barrels of oil equivalent in water depths 
     greater than 800 meters. Redetermination of the applicability 
     of clause (i) shall be undertaken by the Secretary when 
     requested by the lessee prior to the commencement of the new 
     production and upon significant change in the factors upon 
     which the original determination was made. The Secretary 
     shall make such redetermination within 120 days of submission 
     of a complete application. The Secretary may extend the time 
     period for making any determination or redetermination under 
     this clause for 30 days, or longer if agreed to by the 
     applicant, if circumstances so warrant. The lessee shall be 
     notified in writing of any determination or redetermination 
     and the reasons for and assumptions used for such 
     determination. Any determination or redetermination under 
     this clause shall be a final agency action. The Secretary's 
     determination or redetermination shall be judicially 
     reviewable under section 10(a) of the Administrative 
     Procedures Act (5 U.S.C. 702), only for actions filed within 
     30 days of the Secretary's determination or redetermination.
       ``(iii) In the event that the Secretary fails to make the 
     determination or redetermination called for in clause (ii) 
     upon application by the lessee within the time period, 
     together with any extension thereof, provided for by clause 
     (ii), no royalty payments shall be due on new production as 
     follows:
       ``(I) For new production, as defined in clause (iv)(I) of 
     this subparagraph, no royalty shall be due on such production 
     according to the schedule of minimum volumes specified in 
     clause (ii) of this subparagraph.
       ``(II) For new production, as defined in clause (iv)(II) of 
     this subparagraph, no royalty shall be due on such production 
     for one year following the start of such production.
       ``(iv) For purposes of this subparagraph, the term `new 
     production' is--
       ``(I) any production from a lease from which no royalties 
     are due on production, other than test production, prior to 
     the date of enactment of the Outer Continental Shelf Deep 
     Water Royalty Relief Act; or
       ``(II) any production resulting from lease development 
     activities pursuant to a Development Operations Coordination 
     Document, or supplement thereto that would expand production 
     significantly beyond the level anticipated in the Development 
     Operations Coordination Document, approved by the Secretary 
     after the date of enactment of the Outer Continental Shelf 
     Deep Water Royalty Relief Act.
       ``(v) During the production of volumes determined pursuant 
     to clauses (ii) or (iii) of this subparagraph, in any year 
     during which the arithmetic average of the closing prices on 
     the New York Mercantile Exchange for light sweet crude oil 
     exceeds $28.00 per barrel, any production of oil will be 
     subject to royalties at the lease stipulated royalty rate. 
     Any production subject to this clause shall be counted toward 
     the production volume determined pursuant to clause (ii) or 
     (iii). Estimated royalty payments will be made if such 
     average of the closing prices for the previous year exceeds 
     $28.00. After the end of the calendar year, when the new 
     average price can be calculated, lessees will pay any 
     royalties due, with interest but without penalty, or can 
     apply for a refund, with interest, of any overpayment.
       ``(vi) During the production of volumes determined pursuant 
     to clause (ii) or (iii) of this subparagraph, in any year 
     during which the arithmetic average of the closing prices on 
     the New York Mercantile Exchange for natural gas exceeds 
     $3.50 per million British thermal units, any production of 
     natural gas will be subject to royalties at the lease 
     stipulated royalty rate. Any production subject to this 
     clause shall be counted toward the production volume 
     determined pursuant to clauses (ii) or (iii). Estimated 
     royalty payments will be made if such average of the closing 
     prices for the previous year exceeds $3.50. After the end of 
     the calendar year, when the new average price can be 
     calculated, lessees will pay any royalties due, with interest 
     but without penalty, or can apply for a refund, with 
     interest, of any overpayment.
       ``(vii) The prices referred to in clauses (v) and (vi) of 
     this subparagraph shall be changed during any calendar year 
     after 1994 by the percentage, if any, by which the implicit 
     price deflator for the gross domestic product changed during 
     the preceding calendar year.''.

     SEC. 303. NEW LEASES.

       Section 8(a)(1) of the Outer Continental Shelf Lands Act, 
     as amended (43 U.S.C. 1337(a)(1)) is amended as follows:
       (1) Redesignate section 8(a)(1)(H) as section 8(a)(1)(I); 
     and
       (2) Add a new section 8(a)(1)(H) as follows:
       ``(H) cash bonus bid with royalty at no less than 12 and 
     \1/2\ per centum fixed by the Secretary in amount or value of 
     production saved, removed, or sold, and with suspension of 
     royalties for a period, volume, or value of production 
     determined by the Secretary. Such suspensions may vary based 
     on the price of production from the lease.''.

     SEC. 304. LEASE SALES.

       For all tracts located in water depths of 200 meters or 
     greater in the Western and Central Planning Area of the Gulf 
     of Mexico, including that portion of the Eastern Planning 
     Area of the Gulf of Mexico encompassing whole lease blocks 
     lying west of 87 degrees, 30 minutes West longitude, any 
     lease sale within five years of the date of enactment of this 
     title, shall use the bidding system authorized in section 
     8(a)(1)(H) of the Outer Continental Shelf Lands Act, as 
     amended by this title, except that the suspension of 
     royalties shall be set at a volume of not less than the 
     following:
       (1) 17.5 million barrels of oil equivalent for leases in 
     water depths of 200 to 400 meters;
       (2) 52.5 million barrels of oil equivalent for leases in 
     400 to 800 meters of water; and
       (3) 87.5 million barrels of oil equivalent for leases in 
     water depths greater than 800 meters.

     SEC. 305. REGULATIONS.

       The Secretary shall promulgate such rules and regulations 
     as are necessary to implement the provisions of this title 
     within 180 days after the enactment of this Act.
     

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