10th oil and gas bidding round only after passage of oilfield Bill

Upcoming legislation meant to streamline exploration and production

The 10th round of bidding for exploration and production (E&P) of oil and gas assets will be announced after the government hopes to pass the Oilfields (Regulation and Development) Amendment Bill, 2024, in Parliament during the upcoming Budget session, officials said.

 

The Bill was passed in the Rajya Sabha in the last session but is yet to clear the Lower House. It clarifies the granting and extension of petroleum leases separate from mining leases, allows for international arbitration, and creates a new dispute resolution mechanism for the E&P sector.

 

More importantly, it introduces an easier regime for doing business and