Which of the following ministries introduced the Oilfields (Regulation and Development) Amendment Bill, 2024, in the parliament?

Correct option is B

Correct Answer:B. Ministry of Petroleum and Natural Gas

Explanation:

• The Ministry of Petroleum and Natural Gas introduced the Oilfields (Regulation and Development) Amendment Bill, 2024 in Parliament.

• This bill aims to amend the Oilfields (Regulation and Development) Act, 1948, to improve the framework for the exploration and production of oil and gas in India.

• The bill was presented by Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas.

Information Booster:

• Key Objective:

  • To modernize the legal framework for oil and gas exploration, creating a more investor-friendly environment.

  • It also emphasizes stricter environmental standards and safety measures.

• Main Provisions:

  • Introduction of 'Petroleum Lease' instead of 'Mining Lease.'

  • Expanded definition of petroleum to include shale gas and coal bed methane.

  • Increased penalties for environmental violations and establishment of alternative dispute resolution mechanisms.