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Rajya Sabha clears Bill to boost investment in oil, gas exploration
Millennium Post Delhi
|Delhi 04 December 2024
The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in Rajya Sabha in August this year, was passed by voice vote
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NEW DELHI: The Rajya Sabha on Tuesday passed a Bill that seeks to amend existing law governing exploration and production of oil and gas, and delink petroleum operations from mining operations to boost investment in the sector.
The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha in August this year, was passed by a voice vote.
Replying to the debate on the Bill, Oil Minister Hardeep Singh Puri said that the oil and gas sector involves high investment and long gestation period.
"We need oil and gas sector for 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with a view to benefit everyone," Puri said.
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