Offshore Areas Minerals (Development and Regulation) Act, 2002 : Period of commencement of operating

Offshore Areas Minerals (Development and Regulation) Act, 2002,2003

Act No : 17

Section : Period of commencement of operating rights.

14. Period of commencement of operating rights.-A holder of operating right shall commence operation within the period specified below after the grant of the operating right and shall thereafter conduct such operation in proper, skilful and workman-li e manner, as follows:- (a) reconnaissance permit - six months; (b) exploration licence - one year; and (c) production lease - two years.