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RS clears Bill to ease oil exploration
Business Standard
|December 04, 2024
Amendments aimed at delinking petroleum operations from mining
The Rajya Sabha on Tuesday passed a Bill that aims to delink petroleum operations from mining, clarify the grant and extension of petroleum leases and create a new dispute resolution mechanism for the exploration and production sector.
Passed by a voice vote in the Upper House, the Oilfields (Regulation and Development) Amendment Bill, 2024, would replace laws dating from 1948, which were last amended in 1969, and bring in the concept of 'petroleum lease', to be legally separate from a mining lease.
This story is from the December 04, 2024 edition of Business Standard.
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