An Act relating to royalty rates and payments for certain oil and gas; and providing for an effective date.

HB 15 establishes new royalty rates for oil and gas production in Alaska. For new oil and gas projects beginning commercial production after July 2025 and before January 2036 in areas south of 68°N latitude, companies must pay 6.25% for oil and 3% for gas. For gas produced north of 68°N that is liquefied and sold to public utilities at a discounted rate, a 1% royalty applies under similar terms. The bill defines "qualified new" production to include fields without prior commercial production or new wells not previously feasible, with these rates expiring on January 1, 2046.