Federal Exploration and Production Reform Act of 2008

Federal Exploration and Production Reform Act of 2008 - Amends the Outer Continental Shelf Lands Act to revise requirements for review and approval of outer Continental Shelf (OCS) plans for geological and geophysical exploration on any area under an oil and gas lease. Repeals the requirement that approval be denied if: (1) any proposed activity under the plan would result in serious harm or damage to life (including fish and other aquatic life), to property, to any mineral, to the national security or defense, or to the marine, coastal, or human environment; and (2) such proposed activity cannot be modified to avoid such harm or damage.

Repeals the authority of the Secretary of the Interior to cancel the lease or permit if the plan is disapproved.

Revises requirements for review and approval of OCS oil and gas development and production plans. Requires the Secretary to seek and accept the assistance of the Department of Defense in the review of any plan prepared for a lease containing military operating stipulations or other restrictions.

Repeals the requirement that the Secretary require modification of a plan without adequate provision for safe operations on the lease area or for protection of the human, marine, or coastal environment.

Amends the Mineral Leasing Act to revise requirements for regulation of surface-disturbing activities, including preparation of exploration and development and production plans.

Eliminates the requirement of an adequate bond, surety, or other financial arrangement before commencement of surface-disturbing activities on any lease to ensure reclamation of the lease tract, and restoration of any lands or surface waters adversely affected by lease operations after abandonment or cessation of oil and gas operations on the lease. Repeals the prohibition against issuance of a lease, or approval of its assignment, if reclamation requirements and other related standards have not been complied with.