The oil and gas industry is closely monitoring the upcoming winter session of Parliament, starting November 25, as it anticipates the approval of the Oilfields (Regulation and Development) Amendment Bill, 2024. This legislation aims to replace the outdated 1948 Act, fostering investment and policy stability in India's exploration sector.Major international companies, including Chevron and ExxonMobil, are poised to collaborate with Oil and Natural Gas Corporation (ONGC) but are awaiting clarity on the new regulations. ONGC's director of exploration, Sushma Rawat, highlighted ongoing discussions with these firms regarding both exploration and unmonetized discoveries.