Ministry of Earth Sciences (MoES) and Government of India, signed a 15-year contract with the International Seabed Authority (ISA), for exploration of Poly-Metallic Sulphides (PMS) in Indian Ocean.
The contract was signed by Dr. M Rajeevan, secretary, MoES and Nii Allotey Odunton, secretary general, ISA.
The ISA earlier approved an application submitted by the Ministry of Earth Sciences for allotment of 10,000 sq. km. area along with 15-year plan of work for exploration of PMS along Central Indian Ridge (CIR) and Southwest Indian Ridge (SWIR) region of the Indian Ocean. The Union Cabinet approved signing of this 15-year contract by the Ministry with the ISA in its meeting held on June 15, 2016.
By signing the 15-year contract, India’s exclusive rights for exploration of PMS in the allotted area in the Indian Ocean will be formalized.