On Wednesday , the Lok Sabha passed Oilfield Amendment Bill to take step to reforming Indian oil and fuel sector. The Bill, which was in advance cleared by Rajya Sabha on 3 December 2024, objectives to simplify policies, boost investments, and enhance exploration and manufacturing abilities in the country.
The Amendment Bill seeks to eliminate the historic inaccurate practice of placing mining and petroleum operations in the equal bucket. It additionally introduces a single permit particularly, petroleum leases, that allows you to replacement the extant system which calls for the Contractors to take more than one licenses for wearing out numerous types of activities for unique sorts of hydrocarbons. The Bill will facilitate development of complete power initiatives and adoption of latest technologies like carbon capture utilization and sequestration (CCUS), inexperienced hydrogen and so on.
Lok Sabha passes Oilfield Amendment Bill
Noting that presently India consumes 5.5 million barrels of crude oil in a day, as compared with 5 million barrels in keeping with day about 3.5 year in the past, Puri said that on the modern growth rate, India’s each day oil intake would go up to 6.5-7 million barrels.
The bill focus the requirement for growth in home manufacturing of oil and gas to satisfy the rising demand and reduce import dependence.
Bill Boost Investments In E&P projects
“In order to release precious mineral oil assets, it is important to draw investment in the zone to infuse vital capital and technology for expediting petroleum operations in country by developing an investor friendly environment that promotes ease of doing business, potentialities for exploration, development and manufacturing of all sorts of hydrocarbons, ensures stability, promotes good enough chances for risk mitigation, addresses strength transition troubles including next-generation purifier fuels and gives for a strong enforcement mechanism for making sure compliance of the provisions of the said Act,” the Oilfield Amendment Bill says.
Read Also: Rahul Gandhi remarks in Gujarat Congress meet, Called to remove leaders supporting BJP