To promote natural gas production from the abundant natural gas hydrate resources on the outer Continental Shelf and Federal lands in Alaska by providing royalty incentives, and for other purposes.

Instructs the Secretary of the Interior to grant royalty relief for natural gas produced from gas hydrate resources under any lease issued under the Outer Continental Shelf Lands Act, and under any oil and gas lease issued for onshore Federal lands in Alaska, if the eligible lease is issued prior to January 1, 2016, and production of natural gas from the gas hydrate resources commences prior to January 1, 2018.

States that any such relief granted shall fully apply to leases in existence on the date of the enactment of this Act.