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Recently, Lok sabha passed the Oilfields (Regulation and Development) Amendment Bill.
Aspect | Oilfields (Regulation and Development) Act, 1948 | Oilfields (Regulation and Development) Amendment Bill. |
Purpose | Regulates the exploration and extraction of natural gas and petroleum | Updating framework to align it with the modern energy needs. |
Lease terms | This act provides for a mining lease. | Bill replaces the mining lease with a petroleum lease |
Mineral oils | Limited to petroleum and natural gas. | The bill expanded and comprises (i) any naturally occurring hydrocarbon, (ii) coal bed methane, and (iii) shale gas/oil |
Decriminalisation | Provision of a fine of Rs 1,000, or both in case of violation of rules. | Provision of penalty of Rs 25 lakh.
Continued violation will cause Rs 10 lakh per day. |
Definition of Mineral Oils
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