Offshore Mineral Blocks Auction Rules

Recently Ministry of Mines published two draft rules for offshore mineral blocks auction under the Offshore Areas Mineral (Development and Regulation) Act, 2002 (OAMDR Act).

The two rules are:

(i) Offshore Areas Mineral Auction Rules

  • The draft Offshore Areas Mineral Auction Rules are broadly based on the Mineral (Auction) Rules, 2015 framed under the MMDR Act.
  • The composite licence and production lease shall be granted through an ascending forward online electronic auction.
  • Offshore Auction Rules envisage upfront payment for production lease of an amount equal to, lower of0.50% of the value of estimated resources or rupees 100 crore. It ....
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