Exploration in Offshore Areas

The Central Government has notified the Controller General, IBM as an Administering Authority for grant of mineral concessions and regulating the exploration and mining activities. In pursuance to this Controller General, IBM notified the mineral bearing blocks in offshore areas, 26 in Bay of Bengal and 37 in Arabian Sea for grant of Exploration Licence. In response, IBM has received 377 applications and Grant orders have been issued for 62 blocks to 16 applicants in April 2011. Commencement of offshore exploration will set a new benchmark in the achievement of Indian Mining industry to exploit offshore minerals. The Central Government in exercise of its powers vested as the owners of minerals lying in the offshore areas of the country has enacted the Offshore Areas Minerals (Development and Regulation) Act, 2002 and Offshore Mineral Concession Rules 2006.

SKS