The Offshore Areas Mineral (Development and Regulation) Act

Reconnaissance, exploration or production to be under permit, licence or lease

Grant of operating right

Termination of operating right

Reservation of areas

Power of close areas

Availability of areas for grant of permit, licence or lease

Grant of reconnaissance permit

Grant of exploration licence

Grant of production lease

Period of commencement of operating rights

Power of Central Government to authorise survey, research and scientific investigations in areas  covered under operating rights

Royalty

Fixed rent

Contribution towards International Seabed Authority

Safety of persons and property

Prevention and control of pollution and protection of marine environment

Power of Central Government and administering authority to issue directions


GENERAL PROVISIONS FOR ACQUISITION OF OPERATING RIGHTS IN THE OFFSHORE AREAS


A holder of operating right shall commence
operation within the period specified below after the grant of the operating right and shall thereafter
conduct such operation in proper, skilful and workman-
like manner, as follows:--
 (a)
reconnaissance permit

--six months;

(b) exploration licence

--one year; and

(c) production lease

--two years.

LAWGIST

# 14 Period of commencement of operating rights