The International Financial Services Centres Authority (IFSCA) on February 06, 2026, issued the Public comments on the Consultation paper on the proposed notification to enable operating leases, including any hybrid of operating and financial leases of Oil Field Equipment in IFSC.
The following has been stated:
• The public comments on the IFSCA consultation paper primarily focus on broadening the scope, clarifying definitions, and strengthening the regulatory framework for operating leases (including hybrid lease structures) of oilfield equipment in IFSC.
• Several stakeholders suggested expanding the terminology from “equipment” to “product or equipment” to align with GST Notification No. 3/2017 and related government notifications. It was also recommended to replace restrictive wording such as “utilised in the oilfield” with broader expressions like “in connection with” or “directly or indirectly in relation to oilfield operations,” so that benefits are not limited by geographical location or timing of use. Further, comments proposed adopting the updated definition of “Oilfield” under the Oilfields (Regulation and Development) Amendment Bill, 2024, and ensuring the definition remains aligned with any future legislative changes.
• Industry participants sought clarity on the inclusion of specific assets such as pipelines, barges (including accommodation barges), vessels, production and well platforms (both onshore and offshore), and support equipment. It was recommended that both onshore and offshore equipment be explicitly covered and that an annexed exhaustive list of eligible equipment be provided for certainty. Additionally, stakeholders suggested allowing flexibility to include future technologies (e.g., carbon capture equipment, digital oilfield systems) to ensure long-term relevance.
• Overall, the public comments aim to widen coverage, remove interpretational ambiguities, align the framework with GST and oilfield laws, and enhance regulatory clarity to position IFSC as a competitive global hub for oilfield equipment leasing.
