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ARTICLE · 05 JULY 2024

Projects, Energy & Infrastructure Monthly Newsletter | July 2024

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Ministry of Mines (MoM) has notified the Offshore Areas (Existence of Mineral Resources) Rules, 2024 exercising authority from the Offshore Areas Mineral...

IndiaEnergy and Natural Resources
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Ministry of Mines issues the Offshore Areas (Existence of Mineral Resources) Rules, 2024

  • Ministry of Mines (MoM) has notified the Offshore Areas (Existence of Mineral Resources) Rules, 2024 exercising authority from the Offshore Areas Mineral (Development and Regulation) Act, 2002 on June 6, 2024.
  • The objective of these Rules is to define the criteria for determining the existence of mineral resources in offshore areas as well as to provide a framework for auction. Further, it also aims to ensure proper geological studies along with facilitation of mineral resource management.
  • Further, these rules outline the criteria for determining the existence of mineral resources for both production lease and composite license grants. They also establish definitions for exploration stages, feasibility studies, and economic viability, along with geological parameters for exploration and reporting standards for mineral resources and reserves.

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