Rajya Sabha passes bill to boost investment in oil and gas exploration
Replying to the debate on the bill, Oil Minister Hardeep Singh Puri said that the oil and gas sector involves high investment and long gestation period.
«We need oil and gas sector 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with view to benefit everyone,» Puri said.
He said policy stability, dispute resolution and sharing of infrastructure, especially for small players are new provisions in the bill.
He also explained the point of helium raised by members, saying that mineral oils are naturally occurring hydrocarbons and thus helium is not a hydrocarbon.
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