Abu Dhabi: India's amended Oilfields Regulation and Development Act went into effect on 15th April, paving the way for new investments and operational efficiency in the energy sector.
According to Emirates News Agency, India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated during the announcement that in the next two decades, a quarter of the world's incremental energy demand growth will come from India. He highlighted that India currently relies on imports for 88 percent of its crude oil needs and 50 percent of its natural gas requirements, underscoring the urgent need for domestic exploration and production.
Puri emphasized that the amended legislation represents a significant step towards future-proofing India's energy sector to meet the demands of its rapidly growing market. The new regulation introduces the term 'petroleum lease' for future exploration agreements, aligning Indian practices with international standards.
The Minister remarked that the Indian hydrocarbon sector is entering a new phase of accelerated exploration and development. He made these comments while addressing the 9th round of the Open Acreage Licensing Policy and Special Discovered Small Field signing ceremony, coinciding with the implementation of the amended law.
In his concluding remarks, Puri stated that through investor-friendly reforms, swift approvals, scientific exploration, and a strong focus on sustainability, India is steadily building a resilient and future-ready energy ecosystem.