Prime Minister Narendra Modi has celebrated the passage of key amendments to the Oilfields (Regulation and Development) Act, 1948, describing it as a transformative step toward modernizing India’s petroleum operations. The revisions introduce critical updates such as separating petroleum operations from mining activities, establishing a unique “petroleum lease,” and expanding the definition of mineral oils to include resources like crude oil, natural gas, and coal bed methane.
The amended law aims to boost ease of doing business, attract investments, and support India’s commitment to a cleaner energy future by integrating renewable energy with traditional hydrocarbons. Modi praised the move as a vital measure to increase domestic energy production, enhance energy security, and reduce reliance on imports, aligning with India’s long-term energy goals.
This development is expected to pave the way for a more investor-friendly environment, encouraging innovation and sustainability in the nation’s energy sector.
