Arctic Coastal Plain Public Lands Leasing Act of 1987 - Amends the Mineral Lands Leasing Act of 1920 to direct the Secretary of the Interior to implement a competitive oil and gas leasing program on the public lands of the Coastal Plain (in Alaska) in order to assure expeditious exploration, development, and production of the area's oil and gas resources. Delineates the elements of the Coastal Plain leasing program. Mandates deposit of the receipts from such leasing program in the Treasury. Requires that activities be conducted to achieve the reasonable protection of wildlife resources, the environment, and subsistence users.

Directs the Secretary to provide impact aid to affected communities to ensure the availability of public services necessitated by the leasing program.

Authorizes the Secretary of State to initiate discussions with the Canadian Government regarding mutual planning for the development and transportation of crude oil and natural gas resources in the Arctic region under the respective jurisdiction of each country, both onshore and offshore.