Lok Sabha Passes Landmark Oilfields Bill 2024 to Boost Energy Sector

The Lok Sabha has passed the Oilfields (Regulation and Development) Amendment Bill 2024, updating regulations for natural gas and petroleum exploration. Union Minister Hardeep Singh Puri hailed it as a step towards energy security and self-sufficiency, promising policy stability and aligning India with global E&P practices.

The Lok Sabha passed the pivotal Oilfields (Regulation and Development) Amendment Bill 2024 on Wednesday, marking a significant shift in how India manages its natural gas and petroleum sectors. This amendment updates the 1948 Act, which previously governed these activities.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed his satisfaction on social media, describing the bill's passage as 'a historic day' for India's energy ambitions. Under Prime Minister Narendra Modi's leadership, the amendments are expected to fortify India's energy sector, assuring policy stability and encouraging international investment.

Puri emphasized the necessity of the amendments in response to the evolving global energy scene. The updated act aims to reflect current realities by promoting Ease of Doing Business, decriminalizing certain provisions, and aligning India's Exploration and Production (E&P) framework with international standards. The minister also highlighted the increased consumption of crude oil, stressing the importance of boosting domestic exploration and production to meet the nation's growing energy demands.

(With inputs from agencies.)