The Ministry of Mines will commence the auction of offshore mineral blocks in the next two to three months, Secretary of Mines Ministry VL Kantha said on February 15.
He was addressing a workshop on offshore exploration held by the Geological Survey of India (GSI) in Mangalore.
"The GSI has already handed over 35 offshore mineral blocks for auction to the Government of India and 24 more blocks are in the pipeline to be handed over by the GSI for auctioning," Rao said while speaking at the event.
The Ministry of Mines is also currently developing the process, procedure, norms and SOPs that will take care of the requirements once the private sector bidder gets the block in auction to move forward for its exploitation.
The workshop sought to establish mechanisms for effective data sharing and collaboration among agencies involved in offshore exploration, fostering a conducive environment for joint research initiatives, information sharing, and technical expertise exchange to drive innovation and exploration in offshore mineral resources, according to the ministry.
Last month, the ministry announced the rules for offshore area mineral auction, aiming to unlock the untapped potential of India's extensive mineral resources located in territorial waters, continental shelf, exclusive economic zone, and other maritime zones.
The Offshore Areas Mineral (Development & Regulation) Act, 2002 (OAMDR) was amended in August 2023 to award production leases to entities via auction process. The reform removed process of discretionary renewals and provided uniform lease period of fifty years.
The ministry had flagged earlier that it has identified some blocks in exclusive economic zone of India, i.e., beyond territorial water (12 nautical miles), for the minerals lime-mud & poly metallic nodules.
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