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Oilfields (Regulation and Development) Amendment Bill 2024
March 16 , 2025
41 days
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- The Lok Sabha passed the Oilfields (Regulation and Development) Amendment Bill, 2024.
- The Bill seeks to update the Oilfields (Regulation and Development) Act, 1948.
- It explicitly excludes coal, lignite, and helium, likely because these are governed under the Mines and Minerals (Development and Regulation) Act, 1957.
- The Bill replaces the term ‘mining leases’ with ‘petroleum leases’, which will now govern exploration, production, and disposal activities.
- The new Bill replaces imprisonment with the financial penalties, increasing the maximum fine to ₹25 lakh.
- India’s crude oil demand is expected to rise to 6.5-7 million barrels per day (bpd) from the current 5.5 million bpd.
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