Hardeep Singh Puri Highlights Oilfields Amendment Bill, 2024 at Industry Gathering Organized by FIPI
New Delhi, March 19, 2025 – Hardeep Singh Puri, Minister of Petroleum & Natural Gas, addressed a gathering of corporate leaders and CMDs of Oil Marketing Companies (OMCs) at his residence in New Delhi on March 19, 2025. The event, organized by the Federation of Indian Petroleum Industry (FIPI), focused on the recently passed Oilfields (Regulation and Development) Amendment Bill, 2024 and its implications for India’s Exploration & Production (E&P) sector. Puri emphasized that the bill will bring confidence, predictability, and stability to the sector, unlocking investment opportunities and enhancing regulatory clarity.
Private & Public Sector Collaboration in Focus
A key highlight of the discussion was the growing synergy between public sector OMCs and private players. Industry leaders acknowledged that while private sector efficiency has always been a strength, public sector OMCs have demonstrated significant financial success, with profits reaching ₹1.59 lakh crore in the last fiscal year.
Ministerial representatives emphasized that the bill was shaped through extensive consultations—not just within India but also through global roadshows in Houston, London, and other key energy hubs. These discussions helped refine the bill to create a more investment-friendly regulatory environment.
A Competitive & Investor-Friendly Market
The bill’s provisions are designed to attract both domestic and international investments by ensuring a more transparent and predictable regulatory framework. Industry stakeholders discussed how this will encourage global oil majors and Indian energy companies to participate more actively in India’s exploration sector.
With 42 billion tons of oil and gas reserves and 3.5 million square kilometers of sedimentary basins, India holds immense untapped potential. However, despite years of efforts, the country has struggled to increase domestic production significantly. The bill aims to address this challenge by simplifying regulations and fostering a more business-friendly environment.
Industry Sees a Positive Outlook
Leading figures from both the upstream and downstream sectors expressed optimism about the bill’s long-term impact. Discussions highlighted how major international oil companies (IOCs) are closely watching India’s evolving energy landscape, with many already showing interest in potential partnerships and exploration opportunities.
The session concluded with a commitment to continued industry-government collaboration, ensuring that future regulations remain aligned with market needs. Stakeholders also welcomed further consultations as the bill’s rules are finalized, reinforcing a transparent and inclusive approach to policy-making.
Looking Ahead
With the passage of this legislation, India is positioning itself as a more attractive destination for global energy investments. The government’s focus now shifts to implementation and execution, ensuring that the industry’s concerns are addressed and the envisioned reforms translate into tangible results.
Industry leaders will continue to monitor how these regulatory changes impact exploration activity, production efficiency, and overall energy security in India. The discussion served as a crucial step in aligning policy objectives with industry expectations, paving the way for a more dynamic and competitive E&P sector.
