Oil and Gas Auctions Delayed until Parliament Clears Oilfields Bill

The Union government will announce the tenth round of oil and gas exploration under the Open Acreage Licensing Policy (OALP) only after Parliament passes the Oilfields (Regulation and Development) Amendment Bill, 2024, Business Standard reports.

The Bill, pending in the Lok Sabha (Lower House), aims to streamline petroleum leases, permit international arbitration, and introduce a new dispute resolution framework.

It also simplifies business processes to attract global firms like Chevron and ExxonMobil. Officials expect the OALP-X round to draw international interest, addressing the absence of foreign bidders in recent auctions.