​The Oilfields (Regulation and Development) Amendment Bill, 2024

On 5th August, 2024, the Ministry of Petroleum & Natural Gas (MoPNG) introduced the Oilfields (Regulation and Development) Amendment Bill, 2024 to amend the Oilfields (Regulation and Development) Act, 1948, aiming to improve ease of doing business in the exploration and production (E&P) sector.

Key Points

  • The Bill introduces the concept of ‘petroleum lease,’ which will be distinct from mining leases and offer stable terms for lease agreements.
  • The definition of mineral oils is expanded to include crude oil, natural gas, petroleum, condensate, coal bed methane, oil shale, shale gas, shale oil, tight gas, tight oil, and gas hydrate.
  • The amendments separate ....
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