(THE NEWSMAN OF INDIA.COM) Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas of India informed the house with a vital information on landmark amendments to Oilfields (Regulation and Development) 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. The epochal amendments proposed will further strengthen and propel India’s energy sector under the leadership of PM Narendra Modi, and ensure policy stability, international arbitration, extended lease periods etc.

These mainly relate to simplification of processes by providing for a single lease for both exploration and production of hydrocarbons, at terms and conditions which remain fixed during the duration of the lease which would cover all kinds of hydrocarbons, with specific provisions for hydrocarbon reservoirs straddling two or more lease areas.

The amendments will incorporate global good practices in terms of regulation and development of oilfields and mineral oils, safety of personnel and installations, and to create an enabling framework for optimal realization of the country’s hydrocarbon potential and reduce import dependence on the current global energy scenario. 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, 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.

By virtue of the fact that we are going to rely on conventional energy for some time we need to step up our exploration and production activities.
We launched the single largest bid round under OALP IX to cover 11% of total sedimentary area spanning 1,36,596 SqKm. This includes 28 blocks in 8 sedimentary basins including hitherto ‘No Go’ areas. Total 60 bids have come in for 55 blocks. Companies have also collaborated for bidding together for many blocks; the response will be even more spectacular for the tenth round of OALP after the passage of the current amendments by both Houses of Parliament.