Current Affairs - Bills and Acts - Discussion

The Oilfields (Regulation and Development) Act, of 1948, is a crucial legislation that regulates the oil and gas sector in India. The Bill aims to amend this Act to delink petroleum from mining operations, ensure lease stability, and decriminalize certain offences. This amendment is expected to attract foreign investments and provide regulatory clarity, but critics argue that it lacks a long-term vision for energy security and domestic exploration incentives.