India's Energy Future Boosted by Landmark Oilfields Bill Passage

The Oilfields (Regulation and Development) Amendment Bill, 2024, described as crucial by Prime Minister Narendra Modi, aims to enhance India's energy security and prosperity. Passed in the Rajya Sabha, the bill proposes amendments to existing legislation governing oil and gas exploration, and seeks to attract more investment by delinking petroleum and mining operations.

Prime Minister Narendra Modi hailed the Oilfields (Regulation and Development) Amendment Bill, 2024, as a crucial step towards enhancing India's energy security. This legislation, passed in the Rajya Sabha, promises to fortify India's pathway to prosperity.

Following its recent passage, Modi emphasized the bill's potential to attract increased investment in the energy sector by distinguishing petroleum operations from mining activities. This legislative change is set to revitalize and modernize the existing law, overseeing the exploration and production of oil and gas.

Oil Minister Hardeep Singh Puri lauded the amendments, stating they pave the way for India's burgeoning energy sector to embrace a promising future, marking a significant milestone with its successful approval in the Rajya Sabha.

(With inputs from agencies.)