AK HB15

Establishes reduced royalty rates for new oil and gas production on state land south of 68 degrees North latitude: 3% for qualified new gas and 6.25% for qualified new oil, applicable to commercial production beginning between July 1, 2025 and January 1, 2036

Reduced royalty rates apply for 10 years or until commercial quantities are shipped out of state, whichever comes first

Creates a 1% royalty rate for natural gas produced north of 68 degrees North latitude that is liquefied, if the lessee agrees to sell to publicly owned or regulated utilities at rates reflecting the discount

Defines "qualified new" oil and gas as production from fields without prior commercial sales before January 1, 2025, fields idle for 6 months (gas) or 1 year (oil), or new wells drilled after January 1, 2026

Repeals existing royalty provisions in AS 31.05.030(i), AS 38.05.180(f)(5), and AS 38.05.180(dd); the new southern royalty provisions sunset January 1, 2046