; (2) in subsection (e) by striking self-insurer, and inserting self-insurer, participation in cooperative arrangements such as pooling or joint insurance, ; and (3) in subsection (f)— (A) in paragraph (1) by striking Subject and inserting Except as provided in paragraph (4) and subject ; and (B) by adding at the end the following: (4) Maximum liability The maximum liability of a guarantor of an offshore facility under this subsection is $300,000,000. . VI Coal Reforms 601. Powder R iver B asin (a) Designation The Secretary of the Interior shall designate the Powder River Coal Production Region, as such region is described in Identification of Coal Production Regions Having Major Federal Coal Interests (44 Fed. Reg. 219 (November 9, 1979)), as a coal production region under section 3400.5 of title 43, Code of Federal Regulations (or any successor regulation). (b) Lease requirement The Secretary shall offer lease sales for the Powder River Coal Production Region, as designated by subsection (a), in a manner that maximizes competition. 602. Deductions Section 7 of the Mineral Leasing Act ( 30 U.S.C. 207 ) is amended by adding at the end the following: (d) Royalty payment reduction The Secretary may not determine a lesser amount of royalty than the amount in subsection (a) for washed coal. . 603. Valuation (a) Loophole Section 7 of the Mineral Leasing Act ( 30 U.S.C. 207 ), as amended by section 602, is further amended by adding at the end the following: (e) Valuation of coal (1) In general The value of coal for purposes of calculating the required royalty payment under subsection (a) is the gross proceeds accruing to the lessee or the lessee’s affiliate under the first arm’s-length contract for sale of the coal if— (A) the lessee or the lessee’s affiliate sells the coal under an arm’s-length contract