North News
New Delhi, December 3
“India’s energy sector reached a significant milestone today with the Rajya Sabha passing historic amendments to the Oilfields (Regulation and Development) Act 1948. The amendments, aimed at strengthening the sector, will ensure policy stability, introduce international arbitration, and extend lease periods, all under the leadership of Prime Minister Narendra Modi, said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri. “A key change is the delinking of terms like ‘mine’ and ‘quarried,’ clarifying the terminology surrounding crude oil and natural gas extraction. This shift removes ambiguity and aligns with modern, technology-driven practices in the energy sector, promoting Ease of Doing Business,” he added.
Giving details, he said that additionally, the definition of ‘mineral oil’ is updated to reflect the growing development of unconventional hydrocarbon resources. The amendment also revises the term ‘mining lease,’ with a transition to ‘petroleum lease’ for future lease grants, simplifying the legal framework. “ The move aims to attract investors, encourage holistic field development, and foster the adoption of capital-intensive Enhanced Recovery methods, further boosting India’s energy capabilities, he added.
