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| PetroVietnam Gas workers at its plant__Photo pvgas.com.vn |
Taking effect on July 1, Decree 45, guiding a number of articles of the Law on Oil and Gas, is expected to facilitate the petroleum sector’s oil and gas exploitation and prospecting activities, thus contributing to its rapid and sustainable development.
With 64 articles arranged in 10 chapters, the Decree details the Law’s provisions regarding basic oil and gas investigation; the list of oil and gas blocks; selection of contractors for signing of oil and gas contracts; oil and gas contracts; safety in oil and gas activities; incentives for oil and gas activities; enhanced oil recovery at oil and gas fields, field clusters and blocks; among other, within the mainland, islands and seas of the Socialist Republic of Vietnam.
This Decree is applicable to Vietnamese and foreign agencies, organizations and individuals involved in basic oil and gas investigation and oil and gas activities in the country.
Notably, for oil and gas contracts for which investment registration certificates are granted before July 1, the competence, dossiers, order and procedures for appraisal and approval of new reports, plans and programs or modification of existing ones after such date must comply with this Decree.
Issued together with Decree 45 are two appendices, one providing the model oil and gas production sharing contract and the other providing the accounting mode applicable to oil and gas contracts.
The English translation of Decree 45 is now available in Official Gazette issues No. 73-76/2023.- (VLLF)
Quynh Van
