Summary

Requires federal agencies to modernize how the U.S. measures offshore energy resources and to publicly compare how major countries manage offshore oil and gas. It standardizes and updates assessment models, expands required inventories to include undiscovered resources, jobs and revenue impacts, and non‑energy minerals, and mandates consultation with specified experts. It also orders a public report within one year comparing offshore production practices across major producing nations, with updates at least every 10 years. A joint report on shared (transboundary) reservoirs is due within 18 months. All reports must include clear data on leasing, production, markets, exports, and resource estimates developed with the U.S. Geological Survey.

Key Points

• Standardizes and updates federal models for offshore resource assessments to reduce uncertainty.
• Expands required inventories to include undiscovered resources, jobs and revenue impacts, and non‑energy minerals.
• Mandates consultation with specified agencies and expert groups for higher‑quality assessments.
• Requires a joint federal report on transboundary (shared) hydrocarbon reservoirs within 18 months.
• Orders a public, international comparison of offshore production practices within one year, updated at least every decade.
• Global comparison must include leasing data, production trends, market/export info, and USGS resource estimates.
• Reports must be posted online and transmitted to the House Natural Resources and Senate Energy & Natural Resources Committees.
• Aims to inform leasing, resource management, diplomacy on shared reservoirs, and market understanding.

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