Latest news with #Oilfields(RegulationandDevelopment)Act
India Gazette
08-07-2025
- Business
- India Gazette
Explorations in India is now
ANI 08 Jul 2025, 18:33 GMT+10 New Delhi [India], July 8 (ANI): Union Minister Hardeep Puri on Tuesday highlighted Central Government's series of sweeping policy reforms under the leadership of Prime Minister Narendra Modi to accelerate oil & gas exploration. These reforms, aimed at promoting exploration & production in the field of oil and gas. The government believes that these changes to increase the ease of doing business for our exploration and production (E&P) operators are being made after stakeholder consultation at every minister, noted via a social media post on X that the recent amendments to the Oilfields (Regulation and Development) Act, 1948, which took place in March 2025, are a cornerstone of the new regulatory overhaul. The changes have also introduced new Petroleum & Natural Gas (PNG) rules within a short span of three months.'As a part of our focus to accelerate oil & gas exploration under the leadership of PM @narendramodi Ji, a series of pathbreaking policy reforms are being implemented to promote exploration & production. These changes to increase the ease of doing business for our E&P operators are being made after stakeholder consultation at every level.' posted Oilfields (Regulation and Development) Act, 1948 was amended in March 2025 and new PNG rules have come within 3 months in the run up to OALP Round X which is the largest such exploration & production bidding round globally,' posted by Union Minister Hardeep Puri on social media 'X'.The Ministry of Petroleum and Natural Gas (@PetroleumMin) has also invited feedback and suggestions on the Draft Petroleum & Natural Gas Rules, Model Revenue Sharing Contract (MRSC), and Petroleum Lease are given time to submit their inputs by July 17, 2025, via email to [email protected] Puri emphasized the timing and importance of these reforms, calling it a 'great time' for industry leaders and entrepreneurs to consider opportunities in India's oil and gas sector. He added that exploration in India is now 'easier, faster, and more profitable than ever before.' (ANI)
Time of India
08-07-2025
- Business
- Time of India
Explorations in India is now "easier, faster, and more profitable than ever before": Hardeep Puri
Union Minister Hardeep Puri on Tuesday highlighted Central Government's series of sweeping policy reforms under the leadership of Prime Minister Narendra Modi to accelerate oil & gas exploration. These reforms, aimed at promoting exploration & production in the field of oil and gas. The government believes that these changes to increase the ease of doing business for our exploration and production (E&P) operators are being made after stakeholder consultation at every level. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sharp Design, Smoother Drives. Toyota Glanza Learn More Undo The minister, noted via a social media post on X that the recent amendments to the Oilfields (Regulation and Development) Act, 1948, which took place in March 2025, are a cornerstone of the new regulatory overhaul. The changes have also introduced new Petroleum & Natural Gas (PNG) rules within a short span of three months. "As a part of our focus to accelerate oil & gas exploration under the leadership of PM @narendramodi Ji, a series of pathbreaking policy reforms are being implemented to promote exploration & production. These changes to increase the ease of doing business for our E&P operators are being made after stakeholder consultation at every level." posted Puri. Live Events The Oilfields (Regulation and Development) Act, 1948 was amended in March 2025 and new PNG rules have come within 3 months in the run up to OALP Round X which is the largest such exploration & production bidding round globally," posted by Union Minister Hardeep Puri on social media 'X'. The Ministry of Petroleum and Natural Gas (@PetroleumMin) has also invited feedback and suggestions on the Draft Petroleum & Natural Gas Rules, Model Revenue Sharing Contract (MRSC), and Petroleum Lease framework. Stakeholders are given time to submit their inputs by July 17, 2025, via email to png-rules@ Minister Puri emphasized the timing and importance of these reforms, calling it a "great time" for industry leaders and entrepreneurs to consider opportunities in India's oil and gas sector. He added that exploration in India is now "easier, faster, and more profitable than ever before."
Time of India
06-05-2025
- Business
- Time of India
Compensation for oil companies if changes in law shave off $5 mn in earnings a year
The government plans to compensate oil and gas explorers in new contracts if a future change in the law reduces their economic benefits by more than $5 million per year by adjusting its royalties, fees or revenue share from an oilfield. The proposed rule is expected to protect explorers from government action such as windfall or retrospective tax and allow for stable economic returns as the Centre seeks to boost investments in exploration. "In the event of a change in law subsequent to the grant of license or lease which results in an increase in costs, or reduction in net after-tax return, or otherwise reduces the economic benefit accruing to the licensee or affected licensee or lessee shall be entitled to be placed in the same financial condition had there been no such change in law," the Directorate General of Hydrocarbons (DGH) said in its proposed petroleum and natural gas rules for the upstream sector. Similarly, if a new law reduces costs or increases returns for the explorer, the government shall increase its levies or revenue or profit share to ensure explorers do not make extra economic gains, it said. The new rules have been proposed following the recent amendment of the Oilfields (Regulation and Development) Act. If a state government changes the law affecting an explorer's return, it will have to increase or decrease its levies to deal with the explorer, as per the proposed rule. But if a law passed by the Parliament affects return, the Centre will adjust its levies or revenue share to stabilise the explorer's economic benefit. Oil and gas explorers, who already face great geological and market risks, have been demanding policy stability to prevent any government move that could end up curbing their returns on investment. India had imposed windfall tax on producers such as ONGC , Oil India and Vedanta after oil prices soared following the Russian invasion of Ukraine in early 2022.
Time of India
06-05-2025
- Business
- Time of India
Compensation for oil companies if changes in law shave off $5 mn in earnings a year
The government plans to compensate oil and gas explorers in new contracts if a future change in the law reduces their economic benefits by more than $5 million per year by adjusting its royalties, fees or revenue share from an oilfield. The proposed rule is expected to protect explorers from government action such as windfall or retrospective tax and allow for stable economic returns as the Centre seeks to boost investments in exploration. "In the event of a change in law subsequent to the grant of license or lease which results in an increase in costs, or reduction in net after-tax return, or otherwise reduces the economic benefit accruing to the licensee or affected licensee or lessee shall be entitled to be placed in the same financial condition had there been no such change in law," the Directorate General of Hydrocarbons (DGH) said in its proposed petroleum and natural gas rules for the upstream sector. Similarly, if a new law reduces costs or increases returns for the explorer, the government shall increase its levies or revenue or profit share to ensure explorers do not make extra economic gains, it said. The new rules have been proposed following the recent amendment of the Oilfields (Regulation and Development) Act. If a state government changes the law affecting an explorer's return, it will have to increase or decrease its levies to deal with the explorer, as per the proposed rule. But if a law passed by the Parliament affects return, the Centre will adjust its levies or revenue share to stabilise the explorer's economic benefit. Oil and gas explorers, who already face great geological and market risks, have been demanding policy stability to prevent any government move that could end up curbing their returns on investment. India had imposed windfall tax on producers such as ONGC , Oil India and Vedanta after oil prices soared following the Russian invasion of Ukraine in early 2022.
