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This bill amends federal oil and gas leasing laws to eliminate certain royalty relief provisions and establish new oversight mechanisms. Specifically, it repeals royalty relief provisions in the Energy Policy Act of 2005 for the Gulf of Mexico and removes royalty relief authorities for Alaska's offshore planning areas and naval petroleum reserves. The bill requires the Departments of Interior to issue standardized transportation allowances for calculating oil and gas royalties, capped at the lesser of 30 percent of production value or actual transportation costs, and mandates annual reporting on royalty relief applications and approvals.
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