The OFFSHORE AREAS MINERAL (DEVELOPMENT AND REGULATION) ACT, 2002

GENERAL PROVISIONS FOR ACQUISITION OF OPERATING RIGHTS IN THE OFFSHORE AREAS

Section 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-like manner, as follows:—

(a) reconnaissance permit six months;

(b) exploration licence one year; and

(c) production lease two years.