Offshore Petroleum Expansion Now Act of 2012 - Directs the Secretary of the Interior to implement the Proposed Oil & Gas Leasing Program: 2012-2017 in accordance with the schedule for conducting oil and gas lease sales set forth in it and in the Outer Continental Shelf Lands Act.
Directs the Secretary to conduct each of specified oil and gas lease sales in the Outer Continental Shelf (OCS) Planning Areas, including certain ones in the Draft Proposed Outer Continental Shelf (OCS) Oil and Gas Leasing Program (2010-2015), during its specified year.
Requires the Secretary to offer for sale, no later than December 31, 2013, leases of tracts in the Santa Maria and Santa Barbara or Ventura Basins of the Southern California OCS Planning Area.
Directs the Secretary to revise a specified Bureau of Ocean Energy Management, Regulation and Enforcement map, dated January 2010, to ensure that the square footage of the leasable area in the Mid-Atlantic planning area is directly proportional to the length of the tidal shoreline of the Mid-Atlantic States (Delaware, Maryland, North Carolina, and Virginia).
Retains the authority of the Secretary of Defense (DOD) to designate national defense areas on the OCS.
Requires the Secretary to prepare a multisale environmental impact statement pursuant to the National Environmental Policy Act of 1969 for lease sales required under this Act that are not included in the Proposed Leasing Program (2012-2017).
Declares that nothing in this Act affects restrictions on oil and gas leasing under the Gulf of Mexico Energy Security Act of 2006.
Requires all lease sales conducted pursuant to this Act, with specified exceptions, to be area-wide lease sales.
Directs the Secretary of the Treasury, for each of FY2012-FY2022, to deposit in a special account in the Treasury 37.5 % of all revenues due and payable to the United States from OCS areas not scheduled for lease sale under Proposed Oil and Gas Leasing Program: 2012-2017. Instructs the Secretary of the Interior to disburse such funds to coastal states and coastal political subdivisions.
Prescribes an allocation formula for coastal states and coastal political subdivisions.
Amends the Gulf of Mexico Energy Security Act of 2006 to repeal limitations placed upon the amount of distributed qualified OCS revenues.