x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Doctors - The Unsung Heroes of Healthcare | WHEN RS 10 FEELS EXPENSIVE ON A CART, BUT NOT IN A CAFE | Urdu For Naib Tehsildar Recruitment Test | Yatri Niwas in Srinagar | LG Sinha inaugurates SASB Yatri Niwas at Pantha Chowk | LG launches campaign for zero-waste pilgrimage | 'Amarnath Yatra arrangements upgraded' | Heroin worth Rs. 420 crore seized in Rajasthan; Pak-based smuggler, Canada handler named | Within minutes after formation of PAC, NC mocks Sajad Lone’s new political front as ‘BJP’s B-Team’ | CM Omar calls for revival of buyer-creator relationship at SKICC Meet | Salal Dam gates opened amid rising Chenab Water levels | DGP chairs joint security review meeting in Anantnag, visits key areas | Major reshuffle in ACB J&K | From warzone to homeland: Kashmiri students hail India’s rescue mission with tricolour cheers | Security Forces bolster security with hi-tech gadgets | Token distribution for registration begins | Security Forces conduct joint mock drill | India woman footballer Soumya undergoes surgery after nasal bone fracture | Lack of variety in India's bowling attack is concerning: Chappell | National-level minor boxer alleges sexual harassment by woman coach | | MCM launches workshop on Skill Development, Entrepreneurship | GDC Kathua honours NCC Cadet Mohit Kanathia with grand welcome ceremony | Missing person traced from Pallanwala within 2 days | JKHCBAJ unveiles Portrait of Maharaja Hari Singh ji, inaugurated | Four JKAS Officers transferred In Transport Dept Reshuffle | J&K police arrest 87 in drug crackdown, seize narcotics worth Rs 2.42 Cr | Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25 | Srinagar police attaches residential property worth Rs 50 lakh | SKUAST-K holds workshop in Gurez to promote revival of heritage crops | Reasi police solves two theft cases in Katra, accused arrested, stolen property | Union Minister Piyush Goyal to lead transformative FTII Traders conclave | Congress holds impressive Jai Hind Yatra in Poonch City, salutes armed forces, martyrs | Warm, affectionate farewell accorded to retirees of Agriculture Department Jammu | DC Shopian inspects work of rural development projects at Keller | Former JKNPP leaders, senior workers join Apni Party | Committee on Petitions holds meeting in Srinagar | 6000 students participate in NMMSS examination | Ladakh PM Vishwakarma artisans participate in MSME Day celebration | Vi Business’s ready for next - India’s largest digital advisory celebrates growth on MSME day | Indian Army pays tribute to Ex-Serviceman | Civil Defence, Jammu started 5 days CD training programme | Warm send off accorded to Sardar Dharminder Singh Bhargav Head Pharmacist from DHS-J | JKEDI concludes second batch of MDPs in 10 districts | Handicrafts, Handloom Deptt condoles demise of father of Mussrat Islam | IGNOU launches certificate programme for Nurse Managers to Strengthen Managerial Competencies in Nursing Services | Back Issues  
 
news details
Parliament passes bill to amend law governing oilfields development
3/13/2025 12:05:26 AM
New Delhi, Mar 12:
Agencies

Parliament on Wednesday passed a bill that seeks to amend the existing law governing exploration and production of oil and gas as well as delink petroleum operations from mining operations to boost investment in the sector.
The Lok Sabha cleared the Oilfields (Regulation and Development) Amendment Bill, 2024, on Wednesday. The bill was passed by the Rajya Sabha on December 3, 2024.
Replying to the discussion on the bill, Petroleum and Natural Gas Minister Hardeep Singh Puri said India is the only country in the world where in the reference period of last three years, the prices of petrol and diesel have actually come down. “We have brought down the prices of petrol and diesel because the prime minister reduced the central excise (duty) on two occasions,” Puri asserted and took a swipe at the Opposition, saying that Congress-ruled states have increased VAT (Value Added Tax) on petrol and diesel.
Prices in neighbourhood countries are 15 to 25 per cent higher than in India. Equally, prices in Western Europe and US are much higher than in India, he said.
While moving the bill for consideration and passage in the Lok Sabha, Puri said it does not alter the existing level-playing field for both public and private sectors.
“The oil bill aims to resolve one of the biggest grievances of global oil companies interested in investing in India by providing stability in operation, both in terms of tenure of the lease and the condition. The bill also does not alter the rights of the states, which will continue to give petroleum leases and receive royalties as before.
“The bill also does not alter the existing level-playing field and offers no preference to either the private or the public sector,” the minister said.
Among others, the bill aims to decriminalise some of the provisions of the original Oilfields (Regulation and Development) Act, 1948, by introducing “penalties, adjudication by an adjudicating authority and appeal as against the order of adjudicating authority”.
Besides, it seeks to introduce ‘petroleum lease’ and expands the definition of mineral oils to include crude oil, natural gas, petroleum, condensate, coal bed methane, oil shale, shale gas, shale oil, tight gas, tight oil and gas hydrate, with a view to raising domestic output and cutting reliance on imports, he said.
In his reply, Puri stressed that the government is taking a holistic approach, and that the overall strategy is to increase domestic exploration and production as also to increase clean energy.
Elaborating further, Puri said the long-term strategy for energy security revolves around the trilemma of availability, affordability and sustainability.
“So far, we have navigated all three very successfully,” he noted.
Currently, India is importing oil from 39 countries and in fact, also buying from a 40th country.
“We will buy from wherever we have to… we do not distinguish between the sources of our supply,” the minister said.
Congress leader Manish Tewari, while initiating the discussion, said the draft law “lacks vision and roadmap”.
Referring to oil imports, Tewari claimed that India was not “future ready”.
“What is required is a roadmap to make India energy sufficient, which unfortunately is completely missing. What is the government planning to do to encourage independent oil explorers? Is there anything in the bill that incentivises them,” Tewari asked.
As far as the bill is concerned, he said it makes minor changes here and there but a vision is missing. “You’re not a government that was sworn in yesterday, but 11 years ago”.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU