Natural Gas Act Amendments

[AI summary unavailable — showing source text] Natural Gas Act Amendments - Provides that the Natural Gas Act and the jurisdiction of the Federal Power Commission will not apply to a small new producer contract, which is a contract adding gas reserves or acreage to an existing contract and allowing a natural gas producer to take no more than 10,000 Mc.f. per day. Requires all other contracts adding gas reserves or acreage to an existing contract to be filed by the producer with the Commission, which may then approve, conditionally or unconditionally, or disapprove the contract. Specifies that once approved by the Commission, the contract is no longer subject to change by the Commission, except where price increases are concerned. Provides for stoppage of deliveries where a contract is disapproved. Allows deliveries under a contract to commence upon the filing of a contract and pending review by the Commission. Provides that, in deciding whether to approve a contract, the Commission shall, after notice and opportunity for hearing, determine whether the contract is just and reasonable, is required by the public convenience and necessity, and is not unduly discriminatory or preferential. Specifies that, in making such determinatio…