The Norwegian Government has presented a proposal for a new Act on Offshore Mineral Exploration
Rocks of manganese crust and sulphide, collected at sea depths between Norway and Greenland, presented at the Norwegian Prime Minister´s office in Oslo on Friday 22 June 2018 by Prime Minister Erna Solberg and Minister of Petroleum and Energy Terje Søviknes. Some of these minerals are used in making wind turbines, electric cars and mobile phones.
The Norwegian Government has presented a proposal for a new Act on Offshore Mineral Exploration. The Norwegian State is the owner of minerals on the Norwegian Continental Shelf and the bill introduces a new regime for private mineral exploration and extraction inspired by the Petroleum Act.
There is currently limited commercial exploration and extraction of minerals on the Norwegian Continental Shelf, and the existing legal framework is focused on scientific needs. The intention of the new act is to give a better framework for commercial activities, based on the experience from the petroleum sector and international conventions.
Exploration and extraction of offshore minerals will require a consent from the Ministry of Petroleum and Energy. The bill does not outline the tax conditions for such business activity.