NEW DELHI, 12 March (H.S.) : The Lok Sabha passes the bill on Wednesday aimed at

governing the exploration and extraction of natural gas and petroleum

resources. The Oilfields (Regulation and Development) Amendment Bill, 2024, has

been proposed to supersede the legislation established in 1948. The Rajya Sabha

had earlier passed this bill in December of the preceding year, and the Lok

Sabha followed this on Wednesday.

The legislation broadens the definition of mineral oil,

explicitly stating that it excludes coal, lignite, and helium. It establishes

provisions for mining leases, grants authority to the Central Government to

formulate regulations on various issues, decriminalizes specific items, and

outlines penalties.

During the introduction of the bill and in response to the

ensuing discussion, Petroleum and Natural Gas Minister Hardeep Singh Puri

emphasized that the legislation will not infringe upon the rights of the states

or disrupt the equitable competitive environment between public and private

sectors. The Oil Bill seeks to resolve a significant concern of international

oil companies looking to invest in India by ensuring operational stability

regarding lease duration and associated conditions.

In addressing the discourse surrounding the bill, Puri

emphasized that the government is prioritizing long-term energy security. To

achieve this, our policy is cantered on three key areas: availability,

accessibility, and continuity. India represents a substantial consumer market,

and we are prepared to procure oil and gas from various sources at competitive

prices. At present, we are importing oil from 39 different countries. Given our

significant market size, we are also in a strong position to negotiate favourable

pricing.

In relation to accessibility and cost-effectiveness, he

stated that the Indian government has made efforts to lower oil prices by

implementing tax reductions over the past two years. While states governed by

the BJP have also taken similar measures, those ruled by Congress have not

provided any such concessions.

Hindusthan Samachar / Meenakshi Bhattacharya