A bill to provide for the energy security of the Nation through encouraging the production of domestic oil and gas resources in deep water on the Outer Continental Shelf in the Gulf of Mexico, and for other purposes.
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 eliminate any royalty or net profit share set forth in existing leases, before commencement of production, for oil or gas resources in deep water on the Outer Continental Shelf in the Gulf of Mexico.
Declares that no royalty payments shall be due on new production from any lease or unit located in specified water depths in the Western and Central Planning Areas of the Gulf until certain volumes of oil equivalent are produced.
Suspends royalties for a five-year period for new leases in specified water depths in the Gulf.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S484-485)
Read twice and referred to the Committee on Energy and Natural Resources.
Committee on Energy and Natural Resources. Hearings held.
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