Vietnam implemented a new Petroleum Law

Vietnam implemented a new Petroleum Law

The recently enacted Petroleum Law in Vietnam has led to the implementation of Decree 45/2023/ND-CP, effective from July 1. This decree provides guidance on various aspects of the Petroleum Law, aiming to streamline and enhance oil and gas exploration and exploitation activities within the industry, ultimately promoting its rapid and sustainable development.

Decree No. 45 comprises 64 articles organized into 10 chapters, which elaborate on the regulations outlined in the law. These include provisions related to fundamental petroleum research, the listing of oil and gas blocks, the selection of contractors for oil and gas contracts, safety standards for oil and gas operations, incentives for oil and gas activities, increasing oil and gas exploitation in various territories of Vietnam, among other points.

This Decree applies to both Vietnamese and foreign entities, as well as individuals involved in basic petroleum research and petroleum-related activities within Vietnam. Importantly, for oil and gas contracts where the investment registration certificate was issued prior to July 1, the assessment and approval procedures for reports, plans, and new programs or adjustments to existing information must conform to the guidelines outlined in this Decree.

Decree 45 is accompanied by two appendices, one presenting a sample oil and gas production sharing contract, and the other detailing the accounting method applicable to oil and gas contracts.

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