Institutional Incentives For Exploration In Existing And Proposed Ocean Mining Law

There has been a recent surge of interest in existing and proposed institutional mechanisms that would govern the exploration and disposal of nonfuel minerals within the U.S. ocean jurisdiction. The Minerals Management service, a bureau of the Interior Department, has begun to promulgate regulations to allow the exploration and leasing of lands for nonfuel mineral development on the outer Continental Shelf of the united States. At the same time, a bill has been introduced in the U.S. Congress that would create a new ?national seabed? and authorize the allocation of exploration licenses for marine nonfuel minerals. Because only limited efforts have been devoted to the discovery of marine nonfuels in areas beyond the territorial sea of the United States (and no production has occurred), exploration and the generation of resource information are two primary foci of these regulatory and legislative efforts. Generally, minerals exploration activities (and associated R&D on exploration and production technologies) are eligible for the same institutional incentives available for other industrial efforts, including tax preferences for research and experimentation, patent protection, small business innovation research grants, and even the new leniency in antitrust rules