Petrovietnam consults oil and gas contractors about Draft Petroleum Law (amendment)

On 4th October, in Hanoi, Vietnam National Oil and Gas Group (Petrovietnam) held a workshop with oil and gas contractors and partners to exchange and contribute ideas for finalization of the Draft Petroleum Law (amendment).

Vice President Le Ngoc Son, leader of the Petroleum Law Project Drafting Team (Drafting Team) of Petrovietnam chaired the workshop. Attending the workshop were representatives of the Group’s Divisions, members of the Drafting Team, heads of member units, representatives of oil and gas contractors and partners at joint venture companies. 

At the workshop, representatives of the Drafting Team presented the Draft Petroleum Law (amendment) with focus on important policy groups in the Draft such as Oil and gas contracts; Order and procedures for approval when deploying oil and gas activities and projects; Accounting, auditing and settlement work; Preferential policies in oil and gas activities; Rights and obligations of oil and gas contractors…New amendments, highlights in the Draft Petroleum Law (amendment) to collect comments for completion. 

Overview of the workshop

Representatives of units, oil and gas contractors and joint ventures exchanged, discussed and raised questions about points in the Draft Petroleum Law (amendment) as well as gave opinions on the unreasonable contents that need to be supplemented to complete, create more favorable legal basis and corridor for investors, and contribute to improving the investment environment in the oil and gas sector. 

Representatives of partners, oil and gas contractors attended the workshop

Concluding the workshop, Vice President Le Ngoc Son on behalf of the Drafting Team thanked and acknowledged the comments of the partners, oil and gas contractors on the Draft Petroleum Law (amendment). Mr. Le Ngoc Son emphasized the current Petroleum Law, established in 1993, has been amended many times. Over the past time, the oil and gas industry has undergone comprehensive change, many provisions in the current Petroleum Law have been no longer appropriate or consistent, overlapping with other legal provisions. It has been causing many difficulties for the investment in the exploration activities as well as Petrovietnam’s activities. The amendment and supplementation of the Petroleum Law aims to perfect the petroleum legal system and the subjects of regulation/applicability of this Law are not only Petrovietnam but also all individuals, organizations, investors, contractors participating in the oil and gas activities in the territory of Vietnam. 

Petrovietnam Vice President Le Ngoc Son spoke at the workshop

Through the workshop, Vice President Le Ngoc Son wished to continue receiving comments and exchanges from joint venture companies, partners, oil and gas contractors to quickly update and complete the Draft Petroleum Law (amendment), submit to the Ministry of Industry and Trade and the Government according to the schedule for the National Assembly to consider and approve. The Group’s leader also hoped the Petroleum Law (amendment) would create favorable conditions and motivation for investors to participate in the oil and gas projects in Vietnam. 


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