The oil and gas sector has always played a significant role in influencing industry growth and guaranteeing the security of the world's energy supply. The beginning of the modern oil industry was initiated with the drilling of the first successful oil well in 1859 in Titusville, Pennsylvania in the United States. India became a part of this global scenario of the oil industry at a relatively early stage with the first successful oil find in 1889-90 at Digboi, Assam followed by the commissioning of the first oil refinery of Asia in 1901. The upstream oil and gas governance framework in India had its substantive foundation in the Oilfields (Regulation and Development) Act, 1948 and the Petroleum and Natural Gas Rules, 1959. The framework had been aligned with a control-based approach which had suited a period dominated by the public sector in the country. However, with the evolution of the energy scene and the need to provide stability through regulations, the existing framework increasingly required recalibration. The Oilfields (Regulation and Development) Amendment Act, 2025 and the Petroleum and Natural Gas Rules, 2025 brings in a brand new change to a transparent, modern and facilitating regulation. This article will examine the development of the petroleum industry and attempt to understand the implications of the 2025 legislative reforms.