Outer Continental Shelf Shallow Water Deep Gas Royalty Relief Act - Instructs the Secretary of the Interior to suspend royalties under certain leases issued prior to January 1, 2001, for natural gas produced from deep wells on oil and gas lease tracts in certain shallow waters of the Gulf of Mexico.
Prescribes the amount of royalty relief for specified suspension volumes of production.
Prohibits the Secretary from granting the royalty incentives if the average annual NYMEX natural gas price exceeds for one full calendar year the threshold price of $5 per million Btu, adjusted from the year 2000 for inflation.