New Delhi, Dec 3 (UNI) The Rajya Sabha on Tuesday passed the Oilfield (Regulation and Development) Amendment Bill 2024.
Passed by a voice vote in the upper House, the Oilfields (Regulation and Development) Amendment Bill will replace existing laws dating from 1948, which were last amended in 1969, and brings in the concept of 'petroleum lease', to be legally separate from a mining lease.
It also clarifies that mineral oils will not include coal, lignite or helium.
Replying to a debate on the Bill, Petroleum and Natural Gas Minister Hardeep Singh Puri said the "Bill ensures policy stability, sharing of infrastructure, carbon capture, decriminalisation and easy resolution of disputes."
He said it only changes terminology and does not hamper the rights of States.

The Minister further said, "India imports five million barrels of oil per day and it will increase as the country will grow at 6.5 percent.
Puri noted that the Bill will provide ease of doing business in the oil and gas sector.
“We need the oil and gas sector for 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with a view to benefit everyone," he said.
Initiating the discussion on the Bill, Congress MP Shaktisinh Gohil expressed displeasure over the removal of provisions of arbitrator from the bill.
Dola Sen of TMC, Yerram Venkata Subba Reddy of YSRCP, Manas Ranjan Mangaraj of BJD, M Thambidurai of AIADMK, P P Suneer of CPI, Sanjay Seth of BJP, Fauzia Khan of NCP (SP) participated in the discussion.
UNI JA SS