PetroVietnam Exploitation and Production Company under the national oil and gas group on February 29 signed an agreement with two international partners on the Rang Dong Clean Development Mechanism (CDM) Project in Hanoi.
The signing marks the start of the country’s first project on CDM that permits investors to get certified emission reductions (CERs) when they implement CDMs in developing nations.
The project aims to reduce carbon dioxide emissions from the Rang Dong oil field located offshore southern Ba Ria-Vung Tau province.
The amount of CERs issued in the project, equivalent to 4.5 million tons of emissions, is the largest amount ever issued, according to the executive vice president of Nippon Oil Exploration.
He said the to-be-applied CDM methodology, which is being utilized in 19 CDM projects around the world, would contribute to significant carbon dioxide emission reductions on a global scale.-