; (B) not to exceed ten years if the Secretary finds that such longer period is necessary to encourage exploration and development in areas because of unusually deep water or other unusually adverse conditions, except as provided in subparagraph (C); or (C) for leases located in water depths of greater than 1,500 meters, 15 years, and as long thereafter as oil or gas is produced from the area in paying quantities or drilling or well reworking operations approved by the Secretary are conducted thereon. . (2) Extension of existing leases (A) In general Within 180 days after the date of the enactment of this Act, the Secretary of the Interior shall issue regulations under which the Secretary may extend by five years the term of an oil and gas lease under the Outer Continental Shelf Lands Act ( 43 U.S.C. 1344 ) for a tract located in water deeper than 1,500 meters. (B) Application; payment Regulations issued under this paragraph shall require— (i) submission of an application for such extension; and (ii) payment of a minimum bid amount. (C) Limitation The Secretary may not extend the term of a lease under this paragraph more than once. (d) Report The Secretary of the Interior shall submit a report to the House Committee on Natural Resources and the Senate Committee on Energy and Natural Resources regarding options for sharing the revenues produced in the Eastern Gulf of Mexico Planning Area with the Gulf States consistent with the revenue sharing formulas under the Gulf of Mexico Energy Security Act of 2006 ( 43 U.S.C. 1331 note) as amended by this Act. The report shall include analysis of potential economic benefits to the Gulf States and recommendations for authorizing the use of these revenues for coastal restoration, recovering endangered species, coral restoration, and mitigation of harmful algal blooms. III Alternative Energy 301. Geothermal, solar, and wind leasing priority areas (a) Definitions In this section: (1) Covered land The term covered land means land that is— (A) Federal land