Oil Fields Regulation And Developments Act: PM Modi Posts Important Update

Prime Minister Narendra Modi lauded the passing of amendments proposed to the Oilfields (Regulation and Development) Act 1948 in Rajya Sabha today. PM Narendra Modi re-posted Union Minister Hardeep Singh Puri's X post highlighting the importance of Amendments proposed to the act.

Oilfields (Regulation and Development) Act 1948: What Did PM Modi Say In His Post?

"This is an important legislation which will boost energy security and also contribute to a prosperous India," PM Narendra Modi said in his post. It may be noted that the new bill aims to impose higher penalties for violations of the rules mentioned in the act. The Act regulates the exploration and extraction of natural gas and petroleum.

Oilfields (Regulation and Development) Act 1948: What Hardeep Singh Puri Said

In the original post, Union Minister Puri said, "India’s rapidly growing energy sector takes a historic step into the future with the landmark amendments to Oilfields (Regulation and Development) Act 1948 being successfully passed in Rajya Sabha today.

The epochal amendments proposed will further strengthen and propel India’s energy sector under the leadership of PM Sh @narendramodi Ji, and ensure policy stability, international arbitration, extended lease periods etc."

The notice in the tweet read, "Amendments Proposed to THE OILFIELDS (REGULATION AND DEVELOPMENT) ACT, 1948. The present global energy scenario and the hydrocarbon landscape has dramatically changed. Hence, there is a need to amend the Act to reflect current realities, and national priorities, promote Ease of Doing Business (EoDB), decriminalize provisions and align India's Exploration and Production (E&P) framework with practices of competing geographies."

As per some estimates, there are 260 oil fields in India, which underscores the importance of the amendment and the necessity of keeping up to date with the changing demands of the oil and gas sector.