India introduces new oil and gas exploration bill to boost domestic production and attract investors.

India's Oil Minister introduced the Oilfields (Regulation and Development) Amendment Bill, 2024, aiming to boost oil and gas exploration by offering policy stability and ease of business for investors. The bill, expected to be approved soon, extends lease periods and allows international arbitration, decriminalizing some provisions of the 1948 law. This move seeks to increase domestic production and reduce India's heavy reliance on imports, currently over 85% for crude oil and about half for natural gas.

November 15, 2024
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