AK HB276

Reduces royalty rates to 5 percent for oil and gas production from pools in the Cook Inlet sedimentary basin that have not previously produced for commercial sale, effective for 10 years following commencement of commercial production.

Applies the 5 percent royalty rate to unitized leases, leases subject to specific agreements, or interests unitized under AS 31.05 in Cook Inlet pools without prior commercial production.

Establishes tiered royalty rates for specific Cook Inlet oil production platforms (Dolly, Grayling, King Salmon, Steelhead, Monopod, Baker, Dillon, XTO.A, XTO.C, Granite Point, Anna, Bruce, and West McArthur River field) that decline from standard rates to 5 percent when production falls below specified thresholds, with graduated increases as production rises.

Requires production declines to be based on reservoir conditions and excludes temporary shutdowns, mechanical issues, environmental constraints, or market conditions from triggering royalty reductions.

Repeals existing provisions in AS 31.05.030(i) and AS 38.05.180(dd) and takes effect immediately.