Oyster Conservation Act This bill directs the National Oceanic and Atmospheric Administration (NOAA) to provide grants to certain entities, including the academic community and seafood industry, to conduct research on the conservation, restoration, or management of oysters in estuarine ecosystems. Grant awards may not exceed 85% of the research project's total cost unless NOAA waives such requirement. Additionally, NOAA must ensure that grant funding is apportioned according to the historic baseline (i.e., the estimated population of oysters in an estuary in 1850) oyster population of each estuary of the United States.