OILFIELD DEVELOPMENT BILL
No windfall tax on oil & gas companies after new law kicks in: Hardeep Puri
The new oilfield development bill passed by the Lok Sabha will prevent the imposition of windfall tax on oil and gas producers, stated petroleum minister Hardeep Puri. The bill aims to boost the exploration sector by ensuring policy stability and longer leases. This move follows past issues with retrospective and windfall taxes that deterred investor confidence.
LS clears Oilfields Amendment Bill
Lok Sabha has passed the Oilfields (Regulation and Development) Amendment Bill, 2024, with the goal of enhancing India's exploration sector by ensuring policy stability and enabling international arbitration. The bill, already approved by Rajya Sabha, aims to attract foreign explorers by providing longer leases and stable terms, addressing concerns over frequent policy changes that have deterred investments.
Parliament passes bill to amend law governing oilfields development
Parliament passed the Oilfields (Regulation and Development) Amendment Bill, 2024. The bill amends the law governing oil and gas exploration and delinks petroleum from mining operations. Petroleum and Natural Gas Minister Hardeep Singh Puri explained that the bill ensures a level-playing field and aims to boost investment.
Congress to raise inflation, Maha Kumbh stampede, Ambedkar 'insult' during Budget Session
The Congress has highlighted issues such as inflation, unemployment, the Maha Kumbh stampede, and alleged insults to B R Ambedkar, asserting the unity of the INDIA bloc in Parliament. The Budget Session is expected to be tumultuous with debates over the alleged mismanagement of the Maha Kumbh festival and VIP culture.
Ahead of Union Budget, Finance Minister Sitharaman tables Economic Survey 2024-25 in Parliament
Ahead of the Budget presentation, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024-25, assessing the economy's performance and outlining key challenges. Prepared by Chief Economic Adviser V. Anantha Nageswaran’s team, the survey reviews economic developments and provides an outlook for the next year.
No hope from Budget 2025: Congress leader Udit Raj
Congress and opposition leaders criticize the government's economic policies as the Budget session begins, citing declines in manufacturing, GDP, and domestic consumption along with rising taxes. President Droupadi Murmu addresses the joint sitting, and several key bills, including banking and disaster management amendments, are set to be discussed.
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Ahead of Budget, Finance Minister Sitharaman to table Economic Survey in Parliament on Friday
Finance Minister Nirmala Sitharaman will present the Economic Survey 2024-25, detailing the current economic performance and challenges. It sets the stage for the upcoming Union Budget which aims for tax reforms, infrastructure improvements, and increased allocations for rural development and education. The Budget Session begins with President Murmu's address.
Budget Session will have several key economic and policy bills to shape India's fiscal landscape
Union Budget: The Budget Session 2025 will address key legislative matters such as banking regulations, railway operations, disaster response, and oil exploration. Important discussions on financial business, including the Demands for Grants for 2025-26 and supplementary demands for 2024-25, are also on the agenda to shape India's fiscal landscape.
How ORDA amend can help India become atma nirbhar in energy needs
India is working towards energy independence. The nation is heavily reliant on oil imports. The government is introducing reforms to boost domestic oil production. The ORDA amendment bill is a key part of this effort. It modernizes regulations and encourages investment in the energy sector. The bill aims to unlock India's untapped oil reserves.
Rajya Sabha passes bill to amend oilfields Act
The Rajya Sabha passes a bill amending the Oilfields Act of 1948, offering policy stability, international arbitration, and extended leases to oil and gas explorers. This aims to attract foreign investors by assuring consistent lease terms and allowing the government to frame investor-friendly contracts. Amendments also include efficient dispute resolution mechanisms.
Oilfields bill an important legislation: PM Modi
Prime Minister Narendra Modi lauded the Oilfields (Regulation and Development) Amendment Bill, 2024, passed in the Rajya Sabha, as crucial for enhancing energy security and fostering India's prosperity. The Bill aims to reform oil and gas exploration laws, separating petroleum operations from mining to attract investment into the sector.
Rajya Sabha passes bill to boost investment in oil and gas exploration
The Rajya Sabha passed the Oilfields (Regulation and Development) Amendment Bill, 2024, which aims to boost investment in the oil and gas sector by delinking petroleum operations from mining. The bill introduces policy stability, international arbitration, and decriminalizes certain provisions, aiming to increase domestic output and reduce import dependence.
Both Houses set to resume today after failing to conduct substantial business in first week of Parliament
The Indian Parliament will resume on Monday at 11 am after disruptions in the first week. Opposition protests continue over the Adani issue and violence in Manipur and Sambhal. Several bills are set to be moved, including amendments to banking and railway laws, and the introduction of the Coastal Shipping Bill. Key ministers will address important matters.
Jaishankar to brief Parliament on India-China relations on Monday
External Affairs Minister S Jaishankar is set to address the Lok Sabha on Monday about recent developments in India's relations with China amidst the ongoing winter session of Parliament. Other key ministers will also present statements and propose bills on various significant issues including finance, railways, coastal shipping, and civil aviation.
FM Nirmala Sitharaman to move Banking Laws (Amendment) Bill in Lok Sabha tomorrow
Union Finance Minister Nirmala Sitharaman is set to move the Banking Laws (Amendment) Bill, 2024, in Lok Sabha, targeting amendments to major banking acts. Additionally, bills related to railways, coastal shipping, petroleum, and civil aviation will be presented by various union ministers in both houses of Parliament.
ET Graphics | Govt likely to pass 16 key Economic Bills in Winter Session; Focus on banking, shipping, more
The government aims to pass 16 bills in the ongoing winter session of Parliament, with a significant emphasis on reforms in the banking, shipping, aviation, and energy sectors.
Congress MP set to move adjournment motion to discuss Adani's indicment
Congress MP Manickam Tagore is set to request a discussion in Lok Sabha on the US indictment of Gautam Adani. Tagore's motion aims to address concerns regarding alleged bribery and fraud charges against the Adani Group, emphasizing the need for government accountability and transparency.
PM Modi slams Opposition ahead of Winter Session; says MPs who have failed 80-90 times disrupt Parliament's proceedings
Ahead of Parliament's Winter Session, Prime Minister Narendra Modi urged the Opposition to engage in discussions and criticized Congress and its allies for disrupting parliamentary proceedings. He accused them of disrespecting democracy and hindering new parliamentarians from contributing. Modi also highlighted the significance of the session marking the beginning of the 75th year of the Indian Constitution.
Winter Session to be stormy in Parliament: Govt to push Waqf bill, Oppn to corner NDA over Adani, Manipur
India's Parliament is gearing up for its winter session, commencing on November 25th and running through December 20th. With 16 bills on the agenda, including the Waqf Amendment Bill, the session promises to be eventful.
Changed oil market may help India extract better deals from suppliers
India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.
Bill in Parliament to bring policy stability in oil & gas
Introduced in Rajya Sabha, the Oilfields (Regulation and Development) Amendment Bill, 2024, aims to ensure policy stability for oil and gas producers, allow international arbitration, and extend lease periods. It is designed to create an investor-friendly environment and make future oilfield contracts globally competitive by addressing long-held concerns of exploration companies.
Bill to amend delinking petroleum operations from mining introduced in Rajya Sabha by Hardeep Puri
The salient features of the amendments proposed in the said Bill, introduced in the Upper House today, are delinking petroleum operations from mining operations; broadening the scope of the expression 'mineral oils'; introducing the concept of "petroleum lease"; and granting lease on stable terms.
Petroleum Min proposes changes in law to include hydrogen in mineral oil
The petroleum ministry has proposed amendments to existing law to include cleaner sources of energy like hydrogen within the definition of 'mineral oils' for which the government gives out licence to explore and produce.
ONGC to cut operational cost as crude slumps to 12-year low
ONGC plans to hire a consultant to suggest cost cuts and controlling operating expenditure as Brent falling to $31 per barrel.
Cairn India asks for stable and predictable Indian investment regime
Cairn India, the operator of nation's biggest onland oilfield, today demanded a stable and predictable investment regime and consistency in policy to boost investor confidence.
India to gain $1.5 B in forex from nod to projects: Cairn India
Cairn India has told Veerappa Moily that quick approvals for projects in its Rajasthan block will help India save $1.5 bn foreign exchange.
Budget 2012 should provide fiscal incentives to the oil & gas sector
Given the risk involved and diminishing global interest in Indian oil & gas acreage, the industry is looking forward to fiscal incentives in the forthcoming budget
Petrobras is near deals on 15 to 17 rigs
Brazil's state oil company Petrobras is close to issuing letters of intent for as many as 17 new offshore drilling rigs.
Cairn Energy EGM on Nov 17 for IPO
Cairn has invested about 2 billion dollars in the Indian sub-continent in the past 10 years.
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