The Lok Sabha on Wednesday handed the Oilfields (Regulation and Growth) Modification Invoice, 2024, which seeks to amend the prevailing regulation governing oil and gasoline exploration and delink petroleum operations from mining to draw investments within the sector.
Union Petroleum Minister Hardeep Singh Puri, whereas transferring the invoice for consideration and passage, assured that the amendments wouldn’t have an effect on the rights of states or give preferential therapy to both public or personal gamers within the oil sector.
“The invoice goals to handle issues of worldwide traders by guaranteeing operational stability by way of lease tenure and situations. It additionally decriminalises sure provisions of the 1948 Act and introduces penalties, an adjudicating authority, and an appellate mechanism,” Puri mentioned.
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What’s Oilfields (Regulation and Growth) Modification Invoice?
The Oilfields (Regulation and Growth) Modification Invoice, 2024, which was handed by the Rajya Sabha on December 3, 2024, seeks to amend the Oilfields (Regulation and Growth) Act, 1948, which regulates the exploration and extraction of pure gasoline and petroleum.
The invoice broadens the definition of mineral oils to incorporate crude oil, pure gasoline, condensate, coal mattress methane, shale gasoline and oil, tight gasoline and oil, and gasoline hydrate, whereas clarifying that coal, lignite, and helium are excluded.
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It additionally replaces the prevailing mining lease with a petroleum lease, masking actions equivalent to exploration, prospecting, manufacturing, processing, and disposal of mineral oils. Present leases issued below the earlier regulation will stay legitimate.
In the meantime, the Lok Sabha witnessed protests from opposition members, primarily from Congress and DMK, over the federal government’s approval of a renewable power challenge close to the India-Pakistan border.
Congress MP Manish Tewari raised issues throughout Query Hour, stating that nationwide safety and power safety should be aligned. He identified that the challenge extends as much as one kilometre from the Worldwide Border (IB), whereas safety protocols mandate a 10-km buffer for big infrastructure tasks.
Within the Rajya Sabha, discussions on the working of the Railway Ministry have been postponed till Monday on account of Holi, with proceedings adjourned for the day.
