There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/02/2001)

Natural Gas and Other Petroleum Research, Development, and Demonstration Act of 2001 - Instructs the Secretary of Energy to establish, in areas currently available for Outer Continental Shelf leasing, a research, development, and demonstration program, implemented by the Research Organization (created by this Act), relating to ultra-deepwater natural gas and other petroleum exploration and production technologies.

Directs the National Energy Technology Laboratory to: (1) implement long-term research programs into new natural gas and other petroleum exploration and production technologies and environmental mitigation technologies for production from unconventional and ultra-deepwater resources, including methane hydrates; and (2) conduct a research, development, and demonstration program of new technologies for the reduction of greenhouse gas emissions from unconventional and ultra-deepwater natural gas, or other petroleum exploration and production activities, including sub-sea floor carbon sequestration technologies.

Directs the Secretary to establish an Advisory Committee to advise on selection of an organization to create the Research Organization. Prescribes a selection procedure.

Requires the Research Organization to award research, development, and demonstration grants according to specified requirements.

Establishes in the Treasury the Ultra-Deepwater and Unconventional Gas Research Fund funded with Federal appropriations which shall be considered loans from the Treasury.