Federal Onshore Competitive Oil and Gas Leasing Act of 1986

[AI summary unavailable — showing source text] Federal Onshore Competitive Oil and Gas Leasing Act of 1986 - Amends Federal law regarding competitive leasing of oil and gas for onshore Federal lands to increase from 640 acres to 5,120 acres the units of land open to competitive leasing. Requires the Secretary of the Interior to accept the highest bid which is at least $35 or greater per acre without evaluation of the economic or geologic value of the lands proposed for lease. Requires that all bids for less than $35.00 per acre be rejected. Makes lands available for leasing for a one-year period if the highest bid received for such lands was less than $35.00 per acre. Describes circumstances under which certain lands may be leased without competitive bidding. Increases the primary lease term from five to ten years. Authorizes the Secretary to disapprove partial assignments of less than 640 acres outside of Alaska, or of less than 2,560 acres within Alaska. Subjects a lease to cancellation by the Secretary of the Interior after 30 days' notice for noncompliance with the lease terms unless: (1) the leasehold contains a well capable of production of oil or gas in paying quantities; or (2) the lease is committed to an approved coop…