Directorate General of Hydrocarbons - Draft Oilfields Regulation and Development Amendment Bill 2021 - June 2021
Country
Year
2021
Summary
This documents contains the Public Consultation on the draft Oilfields (Regulation and Development) Amendment Bill, 2021: Notice; Draft Amendment Bill; Explanatory Note
The Ministry of Petroleum and Natural Gas proposes to make amendments to the Oilfields (Regulation and Development) Act, 1948 through the Oilfields (Regulation and Development) Amendment Bill, 2021 (hereinafter referred to as 'draft Amendment Bill').
The proposed amendments seek to promote 'Ease of Doing Business', create opportunities for exploration, development and production of next-generation cleaner fuels & mitigate regulatory challenges and risks by providing for:
(i) a distinction between mining activities and petroleum operations;
(ii) a new definition of 'mineral oils' which is capacious of including within its ambit modern and cleaner sources of energy like hydrogen;
(iii) designation of an authority to formulate standards, procedures and guidelines for the safety of mineral oil operations;
(iv) stable lease period with fixed terms
(v) de-criminalization of the provisions of the Act and enhancement of penalties;
(vi) recovery of payment due to Government as arrears of land revenue
...