With reference to the Offshore Areas Mineral (Development and Regulation) Amendment Bill 2023, consider the following statements:1.The Bill allows for exploration, production, and composite licenses for atomic minerals to be granted to entities other than the government or government companies.2.The Bill introduces a composite license for granting rights for exploration as well as production.3.As per the Bill, a production lease is granted for a period of up to 30 years. Which of the statements given above are correct?

Q. With reference to the Offshore Areas Mineral (Development and Regulation) Amendment Bill 2023, consider the following statements:
1.The Bill allows for exploration, production, and composite licenses for atomic minerals to be granted to entities other than the government or government companies.
2.The Bill introduces a composite license for granting rights for exploration as well as production.
3.As per the Bill, a production lease is granted for a period of up to 30 years.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: B

Notes:

Explanation –

Statement 1 is incorrect. The Bill provides that in case of atomic minerals, exploration, production, and composite licenses will be granted only to the government or government companies.

Statements 2 and 3 are correct. The Bill introduces a composite license for granting rights for exploration as well as production. As per the Bill, a production lease is granted for a period of up to 30 years.

Source: ForumIAS

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS