Draft Offshore Areas Mineral (Auction) Rules and Existence of Mineral Resources Rules
In a significant development, the Ministry of Mines has recently amended the Offshore Areas Mineral (Development & Regulation) Act, 2002 [OAMMR Act], effective from August 17, 2023. The amendment brings about a paradigm shift by introducing a transparent and non-discretionary auction process for the allocation of operating rights in offshore areas, covering territorial waters, continental shelf, exclusive economic zone, and other maritime zones of India.
