Lok Sabha Passes Oilfield (Regulatory and Development) Amendment Bill, 2024
| Summary/Static | Details |
|---|---|
| Why in the news? | Lok Sabha Passes Oilfield (Regulatory and Development) Amendment Bill, 2024 |
| Bill Name | Oilfield (Regulatory and Development) Amendment Bill, 2024 |
| Passed by (Lok Sabha) | 12th March 2025 |
| Passed by (Rajya Sabha) | 3rd December 2024 |
| Objective | Reform the legal framework to boost oil and gas production, attract investors, and ensure energy security |
| Key Reform | Shift from Production Sharing to Revenue Sharing regime |
| Major Provisions | Single Petroleum Lease, Dispute Resolution Mechanism, Higher Penalties |
| Penalty Structure | ₹25 lakh + ₹10 lakh per day for continuous violations |
| New Technologies | Supported Carbon Capture Utilization and Sequestration (CCUS), Green Hydrogen Production |
| Support for Small Operators | Infrastructure sharing and aid through Discovered Small Fields Policy (2015) |
| Protection of State Rights | States retain authority over petroleum leases and continue to receive royalties |