An Act relating to temporarily reduced royalty on oil and gas from pools without previous commercial sales in the Cook Inlet sedimentary basin; and providing for an effective date.

This bill amends Alaska state law to temporarily lower the royalty rate on oil and gas produced from previously undiscovered pools in the Cook Inlet sedimentary basin. It allows the first lessee to discover such a pool to pay a reduced five percent royalty for ten years instead of the standard minimum of twelve and a half percent. The reduction applies only to production from that specific newly discovered pool and is limited to one per lease, ensuring that standard higher rates resume after the decade-long period.