US HB2053

Secretary of the Interior prohibited from issuing new Gulf of Mexico oil and natural gas leases to companies that hold existing "covered leases" unless they renegotiate those leases to require royalty payments when prices exceed specified thresholds

"Covered leases" defined as Gulf of Mexico leases issued under the 1996 Deep Water Royalty Relief Act that currently lack market price-based royalty limitations

Companies with covered leases also barred from obtaining lease transfers (including swaps, spinoffs, or servicing agreements) until they renegotiate royalty terms

Secretary required to approve requests from lessees to amend Central and Western Gulf of Mexico leases issued between January 1, 1996 and November 28, 2000 to add price threshold royalty provisions

New or revised price thresholds would take effect on October 1, 2026