India’s amended Oilfields Regulation and Development Act went into effect yesterday (April 15), thus paving the way for new investments and operational efficiency in the energy sector, reported Wam citing the country's energy minister.

 

Minister of Petroleum and Natural Gas Hardeep Singh Puri was addressing the 9th round of Open Acreage Licensing Policy and Special Discovered Small Field signing ceremony even as the amended law went into effect.

 

Puri said that in the next two decades, a quarter of the world’s incremental energy demand growth will come from India.

 

"India currently relies on imports for 88% of its crude oil needs and for 50% of its requirements of natural gas. There is an urgent need, therefore, for domestic exploration and production," he explained.

 

Puri said the amended legislation is a historic step into the future to meet the demands of India’s rapidly growing energy sector.

 

Future exploration agreements under the new law will use the term “petroleum lease” aligning Indian practices with international standards, noted Puri.

 

"The Indian hydrocarbon sector is entering a new era of accelerated exploration and development," the Minister said while addressing the gathering.

 

Through investor-friendly reforms, swift approvals, scientific exploration, and a strong emphasis on sustainability, India is steadily building a resilient and future-ready energy ecosystem, he added.-TradeArabia News Service