Oil and gas leases: state waters.

Existing law authorizes the State Lands Commission to enter into a lease for the extraction of oil or gas from state-owned tide and submerged lands in the California Coastal Sanctuary if the commission determines that those oil and gas deposits are being drained by means of producing wells upon adjacent federal lands and if the lease is in the best interests of the state. This bill would create, until July 1, 2011, the Interim Resources Management Board, consisting of the Secretary of the Natural Resources Agency, the Secretary for Environmental Protection, and the Controller. The bill would authorize the board to consider a lease application for the extraction of oil or gas offshore in state waters. The bill would authorize the board to approve that lease if specified terms and conditions are met. The bill would set forth related declarations and findings.