The Oil Industry (Development) Act, 1974

The Oil Industry (Development) Act, 1974 was enacted to regulate and promote the development of the oil industry in India. The Act provides for the establishment of the Oil Industry Development Board (OIDB), which is responsible for advising the Central Government on matters related to the development of the oil industry. The OIDB also provides financial assistance to oil companies for the development of oil fields and refineries, and for the production and distribution of petroleum products. The Act also lays down provisions for the acquisition of land and the grant of licenses for the exploration and production of petroleum, as well as the regulation of oil prices.