Decoded: What does the Oilfields Bill 2024 mean for India's energy sector?

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Decoded: What does the Oilfields Bill 2024 mean for India's energy sector? - Business Standard

Quick Summary:

Additionally, the Bill aligns with the government’s energy security strategy, particularly after the launch of the 10th Open Acreage Licensing Policy (OALP) bidding round on February 11, 2025.

Union Petroleum Minister Hardeep Singh Puri defended the Bill, stating that it is a ‘constructive and positive step’ toward boosting India’s oil and gas production.

Critics argue that the Bill could lead to disputes over revenue-sharing and jurisdiction between states and the Centre since ‘Entry 53 of the Union List’ gives the central government control over oilfields.