The Oilfields (Regulation and Development) Amendment Bill, 2024
On 3rd December, 2024, the Rajya Sabha passed the Oilfields (Regulation and Development) Amendment Bill, 2024.
- It aims encouraging domestic production of petroleum and mineral oils while attracting private investment to reduce import dependency.
Key Provisions
- Amendment of Oilfields Act, 1948: The Bill amends the Oilfields (Regulation and Development) Act of 1948 to differentiate between "minerals" governed by the Mines and Minerals Act and "mineral oils" under the Oilfields Act.
- Definition of Mineral Oils: It defines mineral oils as hydrocarbons occurring naturally in various forms, including crude oil, natural gas, and petroleum, excluding coal, lignite, and helium.
- Petroleum Leases: It replaces “mining leases” ....
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