Methane Hydrate Research and Development Reauthorization Act of 2005 - Amends the Methane Hydrate Research and Development Act of 2000 to reauthorize the methane hydrate research and development program through FY 2010.
Extends the current grant, contract, and cooperative agreement program to research to: (1) identify methane hydrate resources through remote sensing; and (2) acquire and reprocess seismic data suitable for characterizing methane hydrate accumulations.
Instructs the Secretary to establish an advisory panel consisting of representatives of industrial enterprises, institutions of higher education, oceanographic institutions, State agencies, and environmental organizations with knowledge and expertise in the natural gas hydrates field.
Requires the Secretary to offer to enter into an agreement with the National Research Council for a new report to Congress on program progress and recommendations by the end of FY 2009.