Enhances economic security of Pacific territories through revenue sharing from seabed mining.

The bill amends the Outer Continental Shelf Lands Act to enhance the economic security of Pacific territories adjacent to seabed mining. It mandates revenue sharing from covered leasing revenues, which include cash bonuses, rentals, royalties, and other amounts paid for leases. These revenues are to be allocated to Guam, American Samoa, and the Northern Mariana Islands based on their proximity to leased tracts. The bill specifies that 50% of these revenues will be held in a special Treasury account for disbursement to these territories.

Enhances economic security of Pacific territories through revenue sharing from seabed mining.

The bill amends the Outer Continental Shelf Lands Act to enhance the economic security of Pacific territories adjacent to seabed mining. It mandates revenue sharing from covered leasing revenues, which include cash bonuses, rentals, royalties, and other amounts paid for leases. These revenues are to be allocated to Guam, American Samoa, and the Northern Mariana Islands based on their proximity to leased tracts. The bill specifies that 50% of these revenues will be held in a special Treasury account for disbursement to these territories.