§ 531. Management of State oil and gas resources

(a) The management of State oil and gas resources shall be undertaken to accomplish the following goals:

(1) provide for the timely leasing, exploration, discovery, assessment, and development of oil and gas resources which may be found on State lands;

(2) provide the State and its citizens an adequate economic return on State oil and gas resources if discovered in commercially valuable quantities;

(3) encourage competition among oil and gas developers by the use of appropriate competitive bidding and leasing procedures in the granting of exploration and development rights;

(4) provide for a program of development that will facilitate sound planning by both developers and all levels of government;

(5) give due consideration to the protection of the State's diverse natural, cultural, and social resources.

(b) Each State land manager shall be responsible for management of the leasing, exploration, and development of the oil and gas resources found on State lands under the manager's primary jurisdiction.

(c) Each State land manager shall adopt a written statement of objectives, policies, procedures, and a program to guide the development of the State's oil and gas resources. Biennially, each State land manager and the Board shall prepare and submit to the General Assembly a proposed four-year oil and gas leasing and management program and a report on all leasing and management activities undertaken during the preceding two years. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection. Managers may elect to collaborate on a joint program of planning, leasing, and reporting to fulfill the requirements of this section. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982; amended 2003, No. 121 (Adj. Sess.), § 36, eff. June 8, 2004; 2013, No. 142 (Adj. Sess.), § 45.)