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Oilfields (Regulation and Development) Amendment Bill, 2024
December 10 , 2024
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- The Rajya Sabha passed the Oilfields (Regulation and Development) Amendment Bill.
- It aimed at delinking petroleum operations from mining operations.
- It is broadening the scope of the expression “mineral oils” and introducing the concept of “petroleum lease” among other provisions.
- India is believed to hold yet-to-find potential of 13 billion tons of oil equivalent.
- In the Oilfields (Regulation and Development) Act, 1948, petroleum and natural gas were the only two defined as mineral oils.
- This Bill expands the definition to include coal bed methane, oil shale, shale gas, shale oil, tight gas, tight oil, and gas hydrate, but does not include coal, lignite and helium occurring in the petroleum process.
- Subsequently, the Bill alters the previously used mining lease to introduce a ‘petroleum lease’ which allows companies to explore, prospect (search for oil and gas fields), produce, make merchantable, and dispose of mineral oils.
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