Site icon NewsHai24x7

Lok Sabha Oilfield Amendment Bill 2024 – Objectives and Key Features of the Amendment Bill here’s all you need to know

Lok Sabha Oilfield Amendment Bill 2024 – marking a significant step towards reforming India’s oil and gas sector. The Bill, which was previously approved by the Rajya Sabha on December 3, 2024, aims to modernize the legal framework governing the sector. It seeks to attract investment, enhance exploration and production, and ensure energy availability, accessibility, affordability, and security for citizens. The reforms align with the Prime Minister’s vision of Viksit Bharat by 2047.

Lok Sabha Oilfield Amendment Bill 2024

Key Reforms in the Oil & Gas Sector

Over the past decade, the government has introduced several groundbreaking reforms to boost the exploration and production of oil and gas in India. Notable measures include:

As a result of these reforms, over 76% of active exploration acreage in India today has been awarded since 2014.

Objectives and Key Features of the Lok Sabha Oilfield Amendment Bill 2024

Introducing the Bill in Parliament, Minister of Petroleum and Natural Gas, Hardeep Singh Puri, highlighted its importance as the most extensive legal reform in the sector’s history. He emphasized the need for a stable, predictable, and efficient legal framework to attract investors, given the long gestation periods and high risks involved in oil and gas projects.

Lok Sabha Oilfield Amendment Bill 2024 addresses several longstanding challenges and introduces key changes, including:

1. Simplified Permit System

2. Encouraging Technological Advancements

3. Supporting Small Operators

Lok Sabha Oilfield Amendment Bill 2024

4. Enhancing Investor Confidence

5. Stricter Penalties for Regulatory Violations

No Impact on State Rights

The Bill upholds the principle of cooperative federalism, ensuring that state governments retain their existing rights. States will continue to grant petroleum leases, issue statutory clearances, and receive royalties without any change.

Boosting India’s Hydrocarbon Potential

Minister Puri emphasized that the Lok Sabha Oilfield Amendment Bill 2024, will significantly improve Ease of Doing Business in the oil and gas sector. By creating a more investor-friendly environment, the Bill is expected to unlock India’s hydrocarbon potential, making the country a more attractive destination for energy production and investment.

With its passage, India moves closer to achieving energy self-sufficiency while reinforcing its commitment to long-term economic and industrial growth.

Also know about Karnataka Budget 2025-26

Exit mobile version