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Amendment of the Petroleum Law must be associated with macroeconomic stability, protecting national sovereignty

Minister of Industry and Trade Nguyen Hong Dien, authorized by the Prime Minister, presented the project proposal on the Petroleum Law. Photo: VNA

Putting the interests of the nation, the nation first, first of all

On the morning of June 3, the National Assembly heard Minister of Industry and Trade Nguyen Hong Dien, authorized by the Prime Minister, present a proposal on the draft Law Oil and Gas (Revision).

Minister Nguyen Hong Dien stated, Petroleum Law and legal documents detailing and guiding the implementation of the Petroleum Law in recent years have created favorable conditions for the development of the oil and gas industry in the field of oil and gas prospection, exploration and exploitation. making a great contribution to the state budget revenue and the country’s socio-economic development, contributing to ensuring national energy security and protecting Vietnam’s sovereignty in the East Sea.

However, over the past time, oil and gas activities have also arisen a number of problems and inadequacies, focusing on issues such as some actual problems arising with specific characteristics of oil and gas activities but not yet regulated. specifically, not in sync with other legal provisions…

Thus, the development of the Petroleum Law (amended) to replace the Law on Petroleum in 1993, 2000, and 2008 is absolutely necessary, in order to increase efficiency and effectiveness in state management, remove barriers to foreign investment. barriers, creating a favorable legal corridor for investors, contributing to improving the attractiveness of the investment environment in the oil and gas sector.

Regarding the purpose and viewpoint of law-making, the Minister of Industry and Trade affirmed that the development of the Petroleum Law (amended) project must meet the requirements of putting the interests of the nation and people first, first of all, associated with building an independent and self-reliant economy, ensuring macroeconomic stability, major balances of the economy, especially in energy; effectively protect and exploit natural resources and national sovereignty, including legal sovereignty, build an integrated institution, affirm Vietnam’s position as a responsible country to the international community; strengthen state management capacity, promote decentralization, avoid partial interests of ministries and branches.

The draft Petroleum Law (amended) includes 11 Chapters and 64 articles. Accordingly, the Petroleum Law (amended) inherits the basic provisions of the current Petroleum Law, ensuring the stability and continuity of signed oil and gas contracts and agreements; ensure compatibility and synchronization with the current legal system, international treaties to which Vietnam is a member and international oil and gas industry practices.

The content of the draft Law addressing 6 groups of policies has been submitted by the Government to the National Assembly for approval, including:

1. Policy on supplementing and completing regulations related to oil and gas contracts

2. Policy on basic investigation and oil and gas and order and approval of steps to deploy oil and gas activities, oil and gas projects including stages of oil and gas prospecting, exploration and exploitation

3. Policy on framework for implementation of oil and gas projects in series from prospecting, exploration, exploitation, transportation and treatment

4. Policy on investment incentives and special investment incentives for oil and gas projects according to oil and gas lots through oil and gas contracts

5. Policy on accounting, auditing, settlement and handling of expenses in oil and gas activities

6. The policy stipulates the framework for allowing third parties to access the existing infrastructure of the oil and gas industry and the obligation to share the existing oil and gas works and infrastructure for optimal and effective use. existing infrastructure system, avoiding waste in investment.

Reviewing regulations on selecting contractors to sign oil and gas contracts

Presenting the report on the verification of the project of the Petroleum Law (amended), Chairman of the Economic Committee of the National Assembly Vu Hong Thanh said that the Economic Committee agreed on the necessity of promulgating the Petroleum Law (amended) according to the Law on Petroleum (amended). purposes and views stated in the Government’s report.

Some opinions agree with the name of the Law project as “Petroleum Law” inheriting the name of the current Law. In addition, many comments suggested that the name of the Law be changed according to the scope of the Law project, currently, the Law project does not regulate midstream and downstream oil and gas activities as well as offshore investment activities. in the oil and gas sector.

Amendment of the Petroleum Law must be associated with macroeconomic stability, protecting national sovereignty - Photo 1.

Chairman of the Economic Committee of the National Assembly Vu Hong Thanh presented the report on the verification of the project of the Petroleum Law (amended). Photo: VNA

Regarding the basic investigation on oil and gas, the Economic Committee proposed to report clearly on the case of the state management agency conducting the basic investigation on oil and gas, the ability to meet the requirements of the agency’s tasks. this document and study and supplement clear and complete regulations on: mechanism for conducting basic oil and gas investigation; the criteria and conditions for determining the case where the state management agency, the Vietnam Oil and Gas Group (PVN) conducts basic investigation on oil and gas; mechanism to attract organizations and individuals to participate; the form of recording the agreement between the State and organizations and individuals; the basis and responsibility for appraisal to submit to the Prime Minister for approval in case of conducting basic survey on oil and gas in the area assigned to perform basic geological investigation on minerals or prospecting and exploiting minerals. mining and other related contents . In addition, it is proposed to stipulate specific contents and assign the Government to detail the organization of oil and gas fundamental investigation.

Regarding the selection of contractors to sign oil and gas contracts, the Economic Committee suggested continuing to review regulations on conditions for participating in bidding to select contractors to sign oil and gas contracts, especially the condition on “not being during the time of being banned from bidding”, stipulates on “joint ventures with organizations and individuals eligible to participate in bidding”. Reviewing, researching and supplementing regulations on: methods and standards, criteria for evaluating application documents and bid dossiers; bid cancellation; handling contractor selection situations; prohibited from participating in bidding in oil and gas activities and other related contents.

For the contractor entering into the oil and gas contract (petroleum investor) to select the contractor providing services for oil and gas activities, it is proposed to specify the basic principles of the contract. Investors choose contractors to provide oil and gas services, regardless of investor’s nationality or capital source for project implementation. Oil and gas investors have their own processes and procedures for selecting contractors, but they must be based on ensuring these basic principles; In case PVN and an enterprise with 100% capital of PVN are both oil and gas investors, the selection of contractors providing petroleum services must comply with the provisions of Vietnamese law on bidding.

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