The Centre on Monday introduced Ta Bill in th a Bill in the Lok Sabha to delink petroleum operations from mining, clarify the granting and extension of petroleum leases, and create a new dispute resolution mechanism for the exploration and production sector.
The Oilfields (Regulation and Development) Amendment Bill, 2024, will replace existing laws dating from 1948, which were last amended in 1969.
It brings in the concept of 'petroleum lease', legally separate from a mining lease.
Considering how petroleum extraction will not be considered a mining activity, the proposed Bill will necessitate the creation of a separate category for the appraisal of oil and gas projects for environmental clearances, people in the know said.
"Preparing and clearing Environment Impact Assessment for oil and gas projects is a lengthy endeavour, and often critical projects are stuck because of it.
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