Ministry of Industry and Trade seeks opinions on the policy of the Law on Petroleum (amended)

On the afternoon of December 5, in Ho Chi Minh City, the Department of Petroleum and Coal (Ministry of Industry and Trade) held a conference to collect opinions on the revised Law on Petroleum.

Deputy Director of the Department of Oil, Gas and Coal ( Ministry of Industry and Trade ) Tran Thanh Tung chaired the conference. Attending the conference were representatives of ministries, ministerial-level agencies, representatives of oil and gas corporations, enterprises, contractors and other relevant organizations.

Deputy Director of the Department of Oil, Gas and Coal (Ministry of Industry and Trade) Tran Thanh Tung chaired the conference.

The need for new legislation

Speaking at the conference, Mr. Tran Thanh Tung, Deputy Director of the Department of Petroleum and Coal (Ministry of Industry and Trade) said that the Petroleum Law 2022 has gradually brought positive effects to the investment environment in the petroleum sector, promoting the development of the petroleum industry, making important contributions to the state budget and the development of the country.

Conference scene

However, the trend of energy transition and some new issues arising in practice require further improvement and completion of petroleum legal regulations. Accordingly, the Petroleum Law 2022 needs to be comprehensively studied and amended to meet the requirements in the new context.

Mr. Tran Thanh Tung - Deputy Director of the Department of Petroleum and Coal (Ministry of Industry and Trade) spoke at the conference.

In the new context, the search, exploration and exploitation of oil and gas are increasingly difficult. To create more favorable conditions for PVN and contractors in oil and gas activities to increase production output and investment efficiency, it is necessary to continue to improve the institutions for the oil and gas industry.

In particular, in recent times, a number of framework issues of a principled nature specific to oil and gas activities have arisen but have not been specifically regulated by the 2022 Petroleum Law; a number of frequently changing issues regulated in the Law are no longer suitable to practice.

In addition, there is no framework/principle on autonomy in developing national science and technology capacity and innovation in the high-tech oil and gas service industry, which is a priority area for investment and development as the core of building a complete oil and gas service chain.

Delegates attending the conference.

Focus on solving 5 major policy groups

According to Mr. Tran Thanh Tung, the goal of proposing policies in the Law on Petroleum (amended) is to improve the feasibility of the Law on Petroleum and ensure consistency and unity of the legal system.

At the same time, innovate and improve the effectiveness and efficiency of state management in oil and gas activities; Ensure the legitimate rights and interests of contractors, investors, organizations and individuals in oil and gas activities; Create a more open and favorable legal corridor for PVN, oil and gas enterprises, contractors and investors in basic oil and gas surveys; Attract foreign and private investment in oil and gas activities.

Delegates participated in giving comments and discussing the content of the Petroleum Law (amended) replacing Petroleum Law No. 12/2022/QH15 at the conference.

To achieve the above goals, in addition to inheriting the main contents of the 2022 Petroleum Law, the amended Petroleum Law will focus on addressing 5 major policy groups, specifically:

Firstly, perfecting and simplifying procedures, strengthening decentralization and delegation of authority in appraisal and approval of steps to implement basic investigations on oil and gas and oil and gas activities in accordance with the Party and State's guidelines and policies:

Second, supplement and complete the regulations on petroleum contracts related to a number of practical issues arising from the specific nature of petroleum activities that have not been specifically regulated in the 2022 Petroleum Law and legal documents under the Law or regulations that are not suitable to the reality that have been changed.

Third , supplement and perfect regulations on investment incentives in oil and gas activities.

Fourth, prescribe mechanisms and policies to prioritize and encourage the development of high-tech oil and gas services.

Fifth, provide a framework for greenhouse gas emission reduction, carbon capture and storage in oil and gas activities.

At the conference, Mr. Tran Thanh Tung also asked delegates to focus their comments and discussions on the content of the Petroleum Law (amended) replacing the Petroleum Law No. 12/2022/QH15 on a number of key issues: Pointing out specific difficulties in the process of implementing the Petroleum Law 2022; Proposing amendments and supplements to the provisions of the Petroleum Law 2022 and sub-Law documents (Decrees, Circulars)...

According to the Department of Petroleum and Coal, based on management practices, the current state of law enforcement and the current situation, it is extremely necessary to develop the Law on Petroleum (amended) to replace the Law on Petroleum in 2022, in order to increase efficiency and effectiveness in state management, remove barriers, create a favorable legal corridor for investors, and contribute to improving the attractiveness of the investment environment in the petroleum sector.

Source: https://congthuong.vn/bo-cong-thuong-lay-y-kien-ve-chinh-sach-luat-dau-khi-sua-doi-433536.html