{"id":29014,"date":"2025-05-11T06:27:51","date_gmt":"2025-05-11T06:27:51","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=29014"},"modified":"2025-05-11T06:27:51","modified_gmt":"2025-05-11T06:27:51","slug":"govt-to-hold-pre-emption-right-over-oil-gas-in-national-emergency-draft-rules","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/govt-to-hold-pre-emption-right-over-oil-gas-in-national-emergency-draft-rules\/","title":{"rendered":"Govt To Hold Pre-Emption Right Over Oil, Gas In National Emergency: Draft Rules"},"content":{"rendered":"

New Delhi, May 11: The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation.
\nA pre-emption right (or preemptive right) is the legal right of a party \u2013 often a government or existing shareholder \u2013 to purchase or claim a product, asset, or resource before it is offered to others.
\nThe inclusion of such rights over crude oil \u2013 extracted from underground or beneath the seabed and refined into fuels like petrol and diesel \u2013 as well as natural gas, which is used for power generation, fertilizer production, CNG for vehicles, and piped cooking gas, is intended to help the government prioritize national interests and ensure public welfare during emergencies.
\nThe producer of oil and natural gas will be paid a \u201cfair market price prevailing at the time of pre-emption\u201d, the draft rules said.
\nMinistry of Petroleum and Natural Gas has invited comments on draft rules after Parliament earlier this year passed the Oilfields (Regulation and Development) Amendment Bill which replaced outdated provisions from the 1948 Act, to boost domestic production, attract investment, and support the country\u2019s energy transition goals.
\n\u201cIn the case of a national emergency in respect of petroleum products or mineral oil, Government of India shall, at all times, during such emergency, have the right of preemption of the mineral oils, refined petroleum or petroleum or mineral oil products produced from the crude oil or natural gas extracted from the leased area, or of the crude oil or natural gas where the lessee is permitted to sell, export or dispose of without it being refined within India,\u201d the rules stated.
\nThis right will be exercised by providing a \u201cfair market price prevailing at the time of pre-emption to the lessee by Government of India, for the petroleum or petroleum or mineral oil products or the crude oil or natural gas taken in pre-emption.\u201d The rules however did not define what would constitute a national emergency. Industry sources said war or war-like situations \u2013 like the one that the country faced in the military standoff with Pakistan \u2013 or natural disasters could constitute a national emergency.
\n\u201cGovernment of India shall be the sole judge as to what constitutes a national emergency in respect of mineral oils, and its decision in this respect shall be final,\u201d the rules said.
\nThe draft rules also provide for oil and gas operators being exempt from their obligations under the Act in force majeure conditions.
\nForce majeure includes an act of God, war, insurrection, riot, civil commotion, tide, storm, tidal wave, flood, lightning, explosion, fire, earthquake, pandemic and any other happening which the lessee could not reasonably prevent or control, the rules added.<\/p>\n

\"Govt
Govt To Hold Pre-Emption Right Over Oil, Gas In National Emergency: Draft Rules<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi, May 11: The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation. A pre-emption right (or preemptive right) is the legal right of a party \u2013 often a government or […]<\/p>\n","protected":false},"author":2,"featured_media":29015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,67,89],"tags":[],"class_list":["post-29014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nGovt To Hold Pre-Emption Right Over Oil, Gas In National "emerg.<\/title>\n<meta name=\"description\" content=\"The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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