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India: Parliament passes Bill to provide fixed 50-year production lease for offshore minerals – ICSF

India: Parliament passes Bill to provide fixed 50-year production lease for offshore minerals – ICSF
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Mint Explainer: How the mining legislations open up assets for private sector

Offshore Areas Mineral (Development and Regulation) Bill passed by Rajya Sabha

Offshore Areas Mineral (Development and Regulation) Bill passed by Rajya Sabha
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OAMDR Act: Rajya Sabha passes Offshore Mineral (Development and Regulation) bill

India s Upper House has passed an amendment bill to the Offshore Areas Mineral (Development and Regulation) Act paving the way for extraction of minerals in offshore areas. The amendment bill, which aims to establish a fair and transparent mechanism to allocate the operating rights for offshore mineral extraction is aimed at removing the impasse in the sector. The amendment aims to introduce a composite licence, which is a two-stage operating right granted for the purpose of undertaking exploration followed by production operation.

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