Oil Industry

The Oil Industry (Development) Act, 1974 (Act No. 47 of 1974) is the Act of Central Government and the object and reasons of this Act as explained under the Oil industry (Development) Bill, 1974 were including the programs for attaining self-reliance in petroleum and petroleum based raw materials., assuring necessary resources for executing of such programs, and for levy of Cess on crude oil and natural gas for development of its Fund for providing financial assistance to the organizations in such development programs. The preamble of the Act shows it object to establish a Board for such development and other related purposes.