RS gives nod to Oilfield Amendment Bill 2024

By  News On Air   Dec 03, 2024

The Rajya Sabha today gave its nod to the Oilfield (Regulation and Development) Amendment Bill 2024. The Bill amends the Oilfields (Regulation and Development) Act, 1948. It expands the definition of Mineral oils, which include naturally occurring hydrocarbon, coal bed methane, and shale gas.  It 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 said, India imports five million barrels of oil per day and it will increase as the country grows at 6.5 per cent. He said India has seen a fall in oil prices in the past three years. Mr Puri said the bill will provide ease of doing business in the oil and gas sector.

Initiating the discussion on the Bill, Congress MP Shaktisinh Gohil expressed displeasure over the removal of provisions of an arbitrator from the bill. BJP MP Chunnilal Garasiya supported 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