New Delhi, Mar 12 (UNI) The Parliament on Wednesday passed the Oilfields (Regulation and Development) Amendment Bill, 2024 with the Lok Sabha approving it during the day.
The Bill seeks to amend the Oilfields (Regulation and Development) Act, 1948. It expands the definition of Mineral oils, which include naturally occurring hydrocarbon, coal bed methane, and shale gas. The legislation clarifies that coal and lignite or helium will not be included in mineral oils.
Replying to a debate on the Bill, the Minister for Petroleum and Natural Gas Hardeep Singh Puri said, "India’s long term strategy for energy security revolves around the trilemma of affordability, availability and sustainability and the country has navigated all three very successfully."
The bill aims to decriminalise some of the provisions of the original Oilfields (Regulation and Development) Act, 1948, by introducing “penalties, adjudication by an adjudicating authority and appeal as against the order of adjudicating authority”, he said.
"India at present imports from 40 countries." Puri said, adding "India does not distinguish between the sources of supply provided the supplying countries are able to deliver at India’s port of importation at a reasonable price".
The Minister added that there is no shortage of supply and the world is experiencing increased supply from the Western Hemisphere. The Minister said there has been increased supply from Brazil, Guyana, Suriname, Canada and USA.
He said large consumers like India can leverage the market consumption card to diversify and buy from cheaper sources. Puri expressed confidence that India will be able to navigate the trilemma with the same success in the future.
Speaking on the bill, Congress MP Manish Tiwari said the draft law “lacks vision and roadmap”. Referring to oil imports, Tewari claimed that India was not “future ready”.
“As far as the bill is concerned, it makes minor changes here and there but a vision is missing..... You’re not a government that was sworn in yesterday, but 11 years ago,”
Manish Tiwari said the country's production of crude and natural gas was 37.46 million metric tonnes and it imported 189.43 million metric tonnes of crude oil in the year 2014-15.
"Crude oil production declined to 29.4 million metric tonnes and crude oil imports rose to 243.3 million metric tonnes in 2023-24" he added. UNI JA SSP