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New Delhi: Oilfields (Regulation and Development) Amendment Bill, which seeks to create an enabling environment for investors by promoting “ease of doing business” and delinks petroleum operations from mining, was passed by a voice vote in RS Tuesday.
In a post on X, PM Modi said, “This is an important legislation which will boost energy security and also contribute to a prosperous India.”
Petroleum minister Hardeep Singh Puri earlier said energy was “lifeline” for growth of any economy, and oil and natural gas sector require “heavy investments” and a long gestation period.
Policy stability, a fair dispute resolution mechanism and sharing of infrastructure, especially for small players, are among provisions of the Bill. It aims to decriminalise some provisions of the original Oilfields (Regulation and Development) Act, by introducing “penalties, adjudication by an adjudicating authority and appeal as against the order of adjudicating authority”.
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