FL S1158

Authorizes land management agencies to enter public-private partnership contracts with business entities to develop oil and gas resources on onshore state lands if the development yields higher, near-term revenues for the state.

Assigns all financial, technical, and operational risk for exploration, development, and production to the private business entity.

Requires business entities to submit detailed proposals including estimates of expected state revenues, with proposals for upland lands requiring consistency with approved land management plans per Florida Statutes section 253.034.

Specifies public-private partnership contracts must provide for a minimum 3-year exploration period using geophysical seismic methods, a lease selection process, state land leases for at least 5 years, and negotiated royalty rates and lease bonuses.

Requires proposed partnership contracts to be approved by the Governor and Cabinet sitting as the Board of Trustees of the Internal Improvement Trust Fund to become legally binding.