Lok Sabha passes bill to promote ease of doing business in oil, gas sector
This story was originally published at 17:46 IST on 12 March 2025
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NEW DELHI – The Lok Sabha Wednesday passed the Oilfields (Regulation and Development) (Amendment) Bill, 2024, aimed at promoting ease of doing business in the oil and gas exploration and production sector along with supporting India's energy transition. The bill expands the definition of mineral oils to include any naturally occurring hydrocarbon, coal bed methane, and shale gas and oil, but clarifies that it will not include coal, lignite, or helium.
The bill replaces the earlier mining lease with a petroleum lease. But existing mining leases granted under the Oilfields (Regulation and Development) Act, 1948, will continue to be valid.
The Act, which provided for a different global energy context, is being amended to meet the needs and aspirations of the country for energy access, security, and affordability, Minister for Petroleum and Natural Gas Hardeep Singh Puri said in the statement of objects and reasons.
"There is an urgent and pressing need to increase domestic production of oil and gas to meet the rising demand for energy and reduce import dependence," Puri said. The new law will ensure policy stability and stabilise terms of petroleum leases to protect lessees from unfavourable changes. It will also allow dispute resolution through international arbitration, Puri said.
The Rajya Sabha had passed the bill on Dec. 3. End
Reported by Shahid K. Abbas
Edited by Rajeev Pai
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