Authorizes the use of such credits to: (1) bid on lease sales in the Western and Central Planning Areas of the Gulf of Mexico; (2) make royalty payments on production for oil and gas resources in those planning areas in existence as of the enactment of this Act; or (3) sell or transfer them in accordance with certain requirements.
States that the Outer Continental Shelf land for which an eligible lease is canceled shall be: (1) permanently withdrawn from all forms of disposition, including mineral leasing; and (2) reserved as an ecological preserve to protect traditional fishing areas and to provide conservation, scientific, and recreational benefits.