National Petroleum Security Act of 1987

[AI summary unavailable — showing source text] National Petroleum Security Act of 1987 - Title I: Financial Incentives to Stimulate Oil and Gas Production - Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil. Allows a crude oil production tax credit for maintaining economically marginal wells. Allows as a tax deduction geological and geophysical costs paid or incurred during the taxable year. Repeals special rules for deduction of intangible drilling costs and mineral exploration and development costs. Increases the net income depletion limitations for oil or gas wells to 100 percent. Repeals certain depletion transfer rules. Title II: Federal Leasing Reform Provisions - Amends the Mineral Lands Leasing Act of 1920 to direct the Secretary of the Interior to implement a competitive oil and gas leasing program on the public lands of the Coastal Plain (in Alaska) in order to assure expeditious exploration, development, and production of the area's oil and gas resources. Delineates the elements of the Coastal Plain leasing program. Mandates deposit of the receipts from such leasing program in the Treasury. Requires that activities be conducted to achieve the reasonable protection of wildlife re…