LS Passes Bill to Boost Investments in Oil, Gas

The Lok Sabha on Wednesday passed the Oilfields (Regulation and Development) Amendment Bill, 2024 that differentiates petroleum operations from mining, defines mineral oil to cover all hydrocarbons including natural gas, and proposes policy stability along with ease of doing business to make domestic petroleum exploration and production attractive for investors.

- Rajeev Jayaswal & Saubhadra Chatterji

NEW DELHI:

Speaking on the bill in the House, petroleum minister Hardeep Singh Puri said augmenting domestic oil and gas output is necessary to fuel India's high economic growth as for any major economy, energy consumption is a "reasonably good indicator" of economic performance. Rajya Sabha has already passed the bill on December 3, 2024.

Puri also emphasized on "what the bill does not do, and will not do." "The bill does not alter the rights of states," he said. For on-land areas, states will continue to give leases and receive royalties as before. "That is the situation now and that is the situation which will continue," he added.