Oilfields Regulation Amendment Bill 2024
Summary: The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha, seeks to stabilize policies in the oil and gas sector to attract more investment. The Bill proposes keeping lease terms consistent throughout their duration, allows for both domestic and international arbitration to resolve disputes, and extends lease periods by combining exploration licenses with mining leases. It also simplifies regulations by changing terminology and shifting penalties from criminal to financial. The Bill aims to reassure investors, streamline processes, and encourage both domestic and foreign participation in India’s oil and gas industry.
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