The oil and gas industry is closely monitoring the upcoming winter session of Parliament, set to begin on November 25. This legislation aims to replace the outdated Oilfields (Regulation and Development) Act of 1948 and is expected to enhance policy stability and ease of doing business in the sector.
The government is actively seeking to address stagnant domestic oil and gas production by attracting necessary investments and technology. Oil and Natural Gas Corporation (ONGC), India's largest hydrocarbons exploration company, has reported interest from international firms like Chevron and ExxonMobil, which are awaiting the bill's passage before finalizing partnerships. ONGC's Director of Exploration, Sushma Rawat, noted that these foreign entities are looking for clarity on policy matters and are engaged in discussions regarding both exploration and monetization of undiscovered resources.