The Ministry of Mines on October 16, 2024, issued the Offshore Areas Operating Right Rules, 2024.
It is to be noted that the Offshore Areas Mineral Concession Rules, 2006 has been superseded.
These rules shall apply to all minerals in the offshore areas, except– (i) mineral oils and hydrocarbons as specified in sub-section (1) of section 3 of the Act; and (ii) atomic minerals having grade equal to or greater than the threshold value in respect of atomic minerals.
The foremost provisions have been stated:
• Availability of offshore areas for grant of operating right.
• Grant of operating rights to Government, Government companies or corporations.
• Terms and conditions of a composite licence.
• Terms and conditions of a production lease
• Auction
• Lapsing of composite licence
• Lapsing of production lease
• Application for extension of periods
• Surrender of production lease
• Termination
They shall come into force on October 16, 2024.
[Notification No. G.S.R. 646(E)]
