New Delhi, March 20 -- The Oilfield (Regulatory and Development) Amendment Bill, 2024 passed by Parliament last week will be a game changer for the exploration and production of oil and gas in India. The bill intends to reform the legal framework and meet the current needs and market conditions to make the sector attractive for investors.

The bill is aimed at fulfilling the vision of Viksit Bharat by 2047 by reducing import dependency in the sector. It will play a key role in ensuring India's energy availability, accessibility, affordability and security for the country and its people.

The bill has simplified processes, reduced documentation and allows for stable lease conditions for faster approvals of applications and strengthening bu...