Outer Continental Shelf Revenue Sharing Act of 2005 - Amends the Outer Continental Shelf Lands Act (OCSLA) regarding the coastal impact assistance program to: (1) repeal references to leasing moratoria; (2) redefine a "producing state" as one that begins production on a leased tract on or after the date of enactment of this Act, regardless of whether the leased tract was on any date subject to a leasing moratorium; (3) repeal the exclusion of certain revenues from "qualified Outer Continental Shelf revenues;" and (4) repeal the exclusion of certain leased tracts from the statutory formula for payments to coastal political subdivisions.
Directs the Secretary of the Interior to delineate the lateral boundaries between coastal states in areas of the Outer Continental Shelf under exclusive federal jurisdiction.
Prescribes guidelines for petitions to lease within the seaward lateral boundaries of coastal states.
Includes guidelines under which a state shall share in qualified Outer Continental Shelf revenues as of the date production begins under this Act.
Directs the Secretary of the Interior to issue implementing regulations, including procedures for entering into gas-only leases.