India has passed the Oilfields (Regulation and Development) Amendment Bill, 2024, introducing key reforms that will enhance the country's energy security and create a more investment-friendly environment for global energy players. Announcing the move, Hardeep Singh Puri, India's Union Minister for Petroleum and Natural Gas, emphasized that the amendments will streamline regulations, strengthen investor protections, and boost domestic oil and gas exploration.
The bill brings India's Exploration and Production (E&P) framework in line with international norms by allowing international arbitration, decriminalizing certain provisions, and extending lease periods. These reforms are expected to attract major energy corporations and financial investors, particularly from Asia-Pacific markets looking for new opportunities in the hydrocarbon sector.
With energy consumption in India rising rapidly, the country is projected to consume 6.5–7.0 million barrels of crude oil per day in the near future, up from 5.5 million barrels per day today. To reduce its reliance on imports, India has opened 1 million sq. km of previously restricted exploration zones, sending strong signals to foreign investors about the country's commitment to boosting domestic crude production.
"India's energy reforms create a win-win scenario for both investors and consumers," Puri stated. "By easing regulations and aligning with global standards, we are making India a prime destination for energy investments." With these changes, India aims to position itself as a key player in the global energy landscape while expanding partnerships with international stakeholders.
