Oilfields (Regulation and Development) Amendment Bill, 2024
The Oilfields (Regulation and Development) Amendment Bill, 2024 aims to reform India’s energy sector by stabilizing policies for oil and gas companies, promoting international arbitration, and enhancing domestic production to reduce costly oil imports. It broadens the definition of “mineral oils” to include resources like shale oil and gas hydrates, excluding coal and helium. The bill simplifies the regulatory process with a new “petroleum lease” and expands government powers for emissions control and lease dispute resolution. Exploration in restricted areas is now permitted, and penalties shift to administrative fines. Despite its potential, sustained production growth and renewable energy adoption are crucial for long-term energy security.
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