The Offshore Areas Mineral (Development and Regulation) Act, 2002

The Offshore Areas Mineral (Development and Regulation) Act, 2002 is an act that provides for the development and regulation of mineral resources in offshore areas of India. The act aims to promote the exploration and exploitation of mineral resources in these areas while ensuring their conservation and sustainable use.

The act defines various terms such as "administering authority," "atomic minerals," and "offshore area." It also specifies the conditions for granting operating rights, including reconnaissance permits, exploration licenses, composite licenses, and production leases. The act provides for the power to close areas, reserve areas, and grant permits, licenses, and leases.

The act sets out various provisions related to the acquisition of operating rights, including the requirement that a person must be an Indian national or a company registered under the Companies Act, 2013, to obtain an operating right. It also specifies the terms and conditions for the grant of composite licenses and production leases.

The act provides for the protection of the environment and public health by requiring holders of operating rights to follow certain guidelines and regulations. It also sets out provisions related to the safety of persons and property, including the power of the Central Government to authorise survey, research, and scientific investigations in areas covered under operating rights.

The act includes various safeguards to ensure that the development and regulation of mineral resources in offshore areas are carried out in a fair and transparent manner. These include provisions for public hearing, environmental impact assessment, and the requirement that holders of operating rights must obtain necessary approvals from the Central Government before carrying out any operations.

Overall, the Offshore Areas Mineral (Development and Regulation) Act, 2002 aims to strike a balance between promoting economic growth and ensuring the sustainable use and conservation of mineral resources in offshore areas.