Hanoi (VNA) – Promptly and comprehensively amending the Oil and Gas Law in line with international practices and Vietnam’s energy development strategy will be an important lever to help this particular industry develop sustainably, strengthen its significant contribution to the national economy.
The comments were made during the seminar “Revision of the Oil and Gas Law to Promote the Development of the Oil and Gas Industry” held last week in Vung Tau city, Ba Ria-Vung Tau province ( South).
During the seminar, the participants said that during nearly 30 years of birth and development, the oil and gas industry has made an important contribution to the country’s economic development and ensured energy security. However, the Oil and Gas Act enacted in 1993 has now revealed many shortcomings in the production of oil and gas and the attraction of foreign investment in this sector.
Deputy General Manager of the National Oil and Gas Group (PVN), Do Chi Thanh suggested that delegates advise on preferential policies to restore the attractiveness of the investment environment in the oil and gas sector as well as materialize the rights and obligations of state management agencies.
According to Vietnamese Oil and Gas Association resident Nguyen Quoc Thap, the new Oil and Gas Law should add the incentives that priorities should be applied to amended oil and gas contracts so that investors can modify the details. of the contract in case of risk.
Deputy General Manager of PetroVietnam Exploration Production Corporation (PVEP), Hoang Ngoc Trung, proposed that this new Oil and Gas Law would focus on clarifying and detailing investment procedures in oil and gas projects, investment attraction policies, appropriate financial mechanisms to deal with risks.
In addition, the new law should have new regulations on oil and gas contracts, not limited to contract templates to attract more investors. Additionally, with oil and gas contracts that are about to expire but still have development potential, the new law is expected to add detailed regulations on investments to maintain production.
Once enacted, the new Oil and Gas Act will be an important driving force, a necessary legal corridor for the PVEP to immediately deploy five new oil and gas contracts and increase the reserves to serve the oil and gas exploitation, asserted its deputy general manager.
Phan Duc Hieu, a permanent member of the Economic Commission of the National Assembly, proposed that the new Oil and Gas Law should complete the institutional framework since the period of basic research and exploration, drilling, exploration, discovery through to exploitation. In addition, it must be compatible with other existing laws, creating a chain of legal procedures to save time and costs.
In addition, the new law should include competitive, long-term and flexible preferential policies on the basis of harmonizing benefits and accessibility to each specific project, he stressed.
Phan Duc Hieu also mentioned that the Law Compilation Committee of the National Assembly has added a chapter on basic investigation in the oil and gas industry.
Under this chapter, the State will encourage relevant organizations and individuals to participate in basic investigative activities of the oil and gas industry. He noted that essential investigations into the oil and gas industry carry many risks. Therefore, it must adopt more specific regulations.
The new Oil and Gas Bill will be submitted to the National Assembly Standing Committee in August and is expected to be approved by the National Assembly next October. -VNA
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Amend the law to develop the oil and gas industry in the new context | Economy | Vietnam+ (VietnamPlus)
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