By Our Staff Reporter
New Delhi, 3 Dec: Rajya Sabha MP and State BJP President Mahendra Bhatt today participated in a discussion on the Oil Sector Amendment Act Bill tabled in the Rajya Sabha. During his address, he emphasised on the significance of the Oil Sector (Regulation and Development) Amendment Act-2024 in advancing self-reliance and promoting investment in the petroleum sector.
Bhatt criticised the Congress and TMC-led state governments, accusing them of neglecting the development of the crucial Petroleum sector during their tenure. Speaking in the Rajya Sabha as a member of the Advisory Committee in the Ministry of Petroleum, Bhatt praised the bill introduced by Union Minister Hardeep Singh Puri. He stressed that the amendment is essential for improving the oil and gas production sector, aligning with India’s growing energy demands as the country rapidly progresses under the leadership of Prime Minister Narendra Modi.
Bhatt reminded that while India’s economic growth has spurred industrial development, it has also led to a sharp increase in energy demand. Despite an increase in crude oil production since independence, this growth has been limited to a few states. He noted that India’s crude oil requirement stands at 230 MMT, with 85 percent of this demand being met through imports. Presently, India produces 1,16,370 barrels of oil per day, ranking 20th globally.
Bhatt also stressed that various provisions of the amendment act are aimed at streamlining approvals for petroleum operations and mining units across government departments. He added that the amendments will also enable small investors to participate through partnerships in oil and gas exploration and will also address major technical and capital risks faced by investors in the sector.
The bill also introduces financial penalties in place of life imprisonment for certain violations, considering human factors.
Bhatt insisted that that these changes would foster greater participation from both public and private sector entrepreneurs, thereby boosting production and reducing dependence on foreign imports.
During the discussion, Bhatt criticised the previous UPA government and opposition-led states for failing to prioritise the oil and gas sector. He alleged that prior to 2014, no significant production units were established in nominated areas. Taking a jab at TMC MPs, Bhatt reminded that ONGC had invested over Rs 1,000 crores in a Bengal-based project and added that despite this investment and despite the potential benefits of up to Rs 8,000 crores upon the project completion, the state government failed to take any further action.
In his address, Bhatt expressed optimism that the amendment would spur natural gas production, enhance competition in the industry, and lower market rates. He reiterated Prime Minister Modi’s vision of addressing lagging sectors to achieve national self-reliance, emphasising that the amendment aligns with this goal.
