NEW LEASES.

SEC. 303. NEW LEASES. Section 8(a)(1) of the Outer Continental Shelf Lands Act, as amended (43 U.S.C. 1337(a)(1)) is amended— (1) by redesignating subparagraph (H) as subparagraph (I); (2) by striking “or” at the end of subparagraph (G); and (3) by inserting after subparagraph (G) the following new subparagraph: “(H) cash bonus bid with royalty at no less than 12 and ½ per centum fixed by the Secretary in amount or value of production saved, removed, or sold, and with suspension of royalties for a period, volume, or value of production determined by the Secretary, which suspensions may vary based on the price of production from the lease; or”.