Innovation in Offshore Leasing Act

Innovation in Offshore Leasing Act

(Sec. 2) This bill amends the Outer Continental Shelf Lands Act to authorize the Bureau of Ocean Energy Management (BOEM) to conduct offshore oil and gas lease sales through Internet-based bidding methods.

Before conducting any Internet-based sale, BOEM is required to gather information from each company present for bidding at the 10 most recent oil and gas lease sales conducted under the Outer Continental Shelf Lands Act. The information is designed to provide the bidding public sufficient opportunity to share ideas, methods, and concerns regarding Internet-based leasing.

All Internet-based sales must meet certain requirements and BOEM shall publicly disclose statistical data regarding any sale on the day the sale is executed.

Additionally, BOEM must conduct at least one Internet-based lease sale in the Gulf of Mexico Outer Continental Shelf Region within 18 months.

BOEM must also provide a report to Congress within 90 days after it conducts a third Internet-based lease sale.