India's Energy Transformation: New Oil Bill Aims to Boost Sector

Parliament has passed the Oilfields (Regulation and Development) Amendment Bill, 2024, to enhance investment in India's oil and gas sector by separating petroleum operations from mining activities. The bill aims to stabilize operations and encourages increased domestic exploration, amid debates on its long-term energy vision.

In a significant legislative development, Parliament has approved the Oilfields (Regulation and Development) Amendment Bill, 2024, aiming to invigorate investment in India's oil and gas sector by separating petroleum operations from mining activities.

The contentious bill, which navigated through the legislative chambers, was defended by Petroleum Minister Hardeep Singh Puri, who highlighted India's success in maintaining lower fuel prices compared to global markets. The bill promises stable operational terms for investors, allowing both public and private sectors to flourish.

However, the bill drew criticism from opposition voices like Congress's Manish Tewari, who argued that it lacks a comprehensive vision for India's energy future and does not provide incentives for independent oil explorers. Despite the opposition, the government assures that the bill supports a robust energy strategy based on availability, affordability, and sustainability.

(With inputs from agencies.)