Prime Minister Narendra Modi on Tuesday described the Oilfields (Regulation and Development) Amendment Bill, 2024, as an important legislation that would boost energy security and also contribute to a prosperous India. His post on X came following the Bill’s passage in the Rajya Sabha.
The proposed law seeks to amend the existing law governing exploration and production of oil and gas, and delink petroleum operations from mining operations to boost investment in the sector.
The Oilfields (Regulation and Development) Amendment Bill, introduced in the Rajya Sabha in August, was passed by a voice vote.
Modi said, “This is an important legislation which will boost energy security and also contribute to a prosperous India.”
Oil Minister Hardeep Singh Puri said India’s rapidly growing energy sector took a historic step into the future with the landmark amendments to the Oilfields (Regulation and Development) Act, 1948, being successfully passed in the Rajya Sabha.
