Q. Consider the following statements regarding the Oilfields (Regulation and Development) Amendment Bill 2024:
1.The Bill aims to ensure policy stability for oil and gas producers and allows for international arbitration.
2.The Bill requires state government approval for oilfields in restricted areas.
Which of the statement(s) given above is/are correct?
Answer: A
Notes:
Explanations –
Statement 1 is correct. The Oilfields (Regulation and Development) Amendment Bill, 2024, is designed to provide policy stability and includes provisions for international arbitration to boost investor confidence and address concerns of global oil companies.
Statement 2 is incorrect. The Bill does not specifically require state government approval for oilfields in restricted areas. It clarifies that states will continue to have the authority to grant petroleum leases and receive royalties as before.
Source: The Hindu
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