The Ministry of Petroleum and Natural Gases (MoPNG) on March 12, 2025, notified the Oilfield (Regulatory and Development) Amendment Bill.
The following has been stated namely: -
• It states that the Lok Sabha today passed the Oilfield (Regulatory and Development) Amendment Bill, 2024.
• Bill intends to reform the legal framework to meet the current needs and market conditions and to make the sector more attractive to investors so that exploration and production of oil and gas could be increased further.
• It also introduces a single permit system, namely, petroleum leases, which will substitute the extant system which requires the Contractors to take multiple licenses for carrying out various types of activities for different types of hydrocarbons.
• It further states that to promote enforcement of the provisions of the Act, penalty has been increased to 25 lakh rupees and up to 10 lakh per day for continuing infraction so that they have deterrent effect.
[Press release id: 2111045]
