Q. With reference to the Oilfield (Regulation and Development) Amendment Bill 2024, which of the following statement(s) is/are correct?
1.It aims to provide policy stability and promote ease of doing business in the oil and gas sector.
2.The Bill has introduced the concept of Hydrocarbon lease to replace the mining lease.
Select the correct answer using the codes given below:
Answer: A
Notes:
Explanations –
Statement 1 is correct. The Bill amends 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. It clarifies that mineral oils will not include coal, lignite or helium. The bill is designed to provide policy stability for oil and gas producers and promote ease of doing business by addressing long-standing concerns, allowing international arbitration, and extending lease periods.
Statement 2 is incorrect. The Bill introduces the concept of a “petroleum lease” to replace the existing mining lease.
Source: AIR
