The Ministry of Mines on March 11, 2024, issued the Draft Offshore Areas Operating Right Rules, 2024.
The following have been stated namely:-
• It specifies that these rules have been proposed to supersede the Offshore Areas Mineral Concession Rules, 2006.
•It states that these rules will be applicable to all minerals offshore, but not to mineral oil, hydrocarbons, and certain special minerals with high grades.
• These Rules lay out the terms and conditions that need to be followed while granting licenses for both exploration and production.
• It states that when the lease period ends, the area that was being granted will be auctioned off following the procedures outlined in the act and rules.
• It lays down the procedure to be followed in case of transfer of production lease or composite license and computation of average sale price of minerals.
• It includes penalties for contraventions of these rules and provides a way to appeal.
Objections or suggestions, if any, to these draft rules shall be taken into consideration after 30 days from March 11, 2024, and may be sent to the following address by post – “Shri Mustaq Ahmad, Director Ministry of Mines, Room no. 313, D-wing Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi – 110001” or Email at [email protected]
[Notification no. – M.VI.-1/3/2024-Mines VI]
