Rajya Sabha Passes Bill to Boost Oil and Gas Sector Investments

The Rajya Sabha passed the Oilfields (Regulation and Development) Amendment Bill, 2024, to enhance oil and gas exploration and attract investments. The bill introduces “petroleum leases,” expands the definition of mineral oils, and decriminalizes certain provisions of the 1948 Act by replacing them with penalties and adjudication mechanisms.

Minister Hardeep Singh Puri emphasized the sector’s importance for India’s energy needs, policy stability, and infrastructure sharing for small players. He highlighted India’s production-consumption gap, urging increased domestic output to reduce import dependency.

The bill’s passage comes amid protests against oil exploration in Assam’s Hollongopar Gibbon Sanctuary, with the National Board for Wildlife deferring its approval. Opposition members sought further scrutiny of the bill by a standing committee.