Outer Continental Shelf Deep Water Royalty Relief Act

Outer Continental Shelf Deep Water Royalty Relief Act - Amends the Outer Continental Shelf Lands Act to authorize the Secretary of the Interior to reduce or suspend any royalty or net profit share set forth in a lease in order to promote development and new production and to encourage production of marginal or uneconomic resources.

Declares that with respect to leases in certain Planning Areas of the Gulf of Mexico, and certain leases in the Alaska frontier, royalty payment shall not be due on new production until the capital costs directly related to production have been recovered out of new production proceeds. Prescribes procedures under which the Secretary shall determine whether such relief from royalty payments shall apply.

Prohibits the Secretary from implementing a tract nomination system for oil and gas leasing in the Central and Western Planning Areas of the Gulf of Mexico. Requires the Secretary to use the existing area-wide leasing system instead.

Directs the Secretary to review and report to certain congressional committees on Federal regulations which create disincentives to oil and gas production on Federal lands.