Oilfields Amendment Bill 2024 Boosts Exploration Eases Rules and Promotes Fair Competition

The Oilfields (Regulation and Development) Amendment Bill, 2024, updates the 1948 law, clearly distinguishing oil and gas extraction leases from mining leases.

It removes outdated terms like "mine" and "excavated" for clarity and business ease. The bill broadens the definition of "mineral oils" and allows petroleum lease disputes to be settled through alternative methods, even internationally.