India's Oil & Gas Policy Revamp: A Boon for Foreign Investors

India's new legislation on oil and gas policy has broadened the scope to include shale oil, gas, and coal bed methane, attracting global investors by providing fiscal stability. BP's CEO praised the reforms for mitigating risks, fostering a better investment environment, and supporting India's energy needs and modernization.

India has overhauled its upstream oil and gas policy by introducing pivotal legislation aimed at attracting foreign investors. Prominent energy leader BP has acknowledged the positive changes that focus on enhancing ease of doing business and policy stability, essential for both domestic and international investments.

Last month, Parliament amended the 1948 Oil Fields Act to broaden its reach to shale oil and gas, and coal bed methane, alongside conventional oil and gas. This reform introduces key measures like international arbitration liberty and extended lease durations, significantly boosting investor confidence.

BP's CEO Murray Auchincloss met with India's leadership, expressing optimism that these changes mitigate risks and promote operational clarity. BP already partners with Reliance Industries and seeks to strengthen exploration efforts while extending its downstream presence in India through joint ventures with Reliance Jio.

(With inputs from agencies.)