Public Oil and Gas Lands Leasing Reform Act of 1979

[AI summary unavailable — showing source text] Public Oil and Gas Lands Leasing Reform Act of 1979 - Amends the Mineral Leasing Act of 1920 to authorize the Secretary of the Interior to lease Federal lands with oil or gas deposits to the highest bidder by competitive bidding. Sets forth requirements and conditions for such bidding and leasing which will encourage diligent oil and gas exploration, development, and production. Repeals the provision concerning the primary term of such leases under such Act. Deletes the provisions concerning termination of leases because of cessation of production or failure to produce oil or gas in paying quantities. Directs the Secretary to prescribe a rule prohibiting the bidding for such leases by any person in which more than one major oil company, oil company affiliate, or both, have a significant ownership interest, with specified exceptions. Prohibits the Secretary from leasing to a major oil company more than ten percent of the available Federal lands having oil or gas deposits with specified exceptions. Revises the requirement under such Act which limits the assignment of oil and gas leases.…