The Oilfields (Regulation and Development) Amendment Bill, 2024
On 24th March 2025, Rajya Sabha passed the Oilfields (Regulation and Development) Amendment Bill, 2024. It was earlier passed by the Lok Sabha. The Bill amends the Oilfields (Regulation and Development) Act, 1948.
- The Bill aims to modernize the legal framework to attract investors, enhance oil and gas exploration, and contribute to India’s energy security and economic development.
Key Amendments
- Simplified Regulatory Framework: Transitions from a multi-license system to a single permit system (Petroleum Lease) for all hydrocarbon operations.
- Increased Investor Confidence: Establishes a stable, predictable legal framework with efficient dispute resolution mechanisms.
- Promotion of New Technologies: Facilitates adoption of Carbon Capture Utilization ....
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