Parliament passes Oilfields Amendment Bill 2024. What term replaces "mining leases" under the new Bill?

The Correct Answer is Petroleum leases.

In News

• Parliament passes Oilfields Amendment Bill 2024. 

Key Points

• The Oilfields (Regulation and Development) Amendment Bill, 2024 seeks to amend the Oilfields (Regulation and Development) Act, 1948.
• The definition of mineral oils is broadened to include naturally occurring hydrocarbons, coal bed methane, and shale gas/oil.
• Coal, lignite, and helium are excluded from the definition of mineral oils as they are regulated under the Mines and Minerals (Development and Regulation) Act, 1957.
• The term “mining leases” is replaced by “petroleum leases” for exploration, production, and disposal of mineral oils.
• Existing mining leases under the Oilfields Act of 1948 remain valid and will not be altered.
• The Bill increases financial penalties for violations, with the maximum fine set at Rs 25 lakh and additional daily fines of Rs 10 lakh for ongoing violations.
• The Bill aims to encourage private investment in petroleum production and ensures that existing leases are not disadvantaged.
• The central government retains rule-making powers to regulate various aspects of petroleum lease grants, conservation, and development of mineral oils.
• The Bill expands the central government’s authority over issues like merger of petroleum leases, sharing of facilities, and environmental obligations.
• The Adjudicating Authority for penalties will be an officer of Joint Secretary rank or higher.
• Appeals against decisions of the Adjudicating Authority will be made to the Appellate Tribunal for Electricity, as per the PNGRB Act, 2006.