On January 27, the Ministry of Justice said that Deputy Minister of Justice Nguyen Thanh Tinh had just chaired the Policy Appraisal Council of the Oil and Gas Law (amended).
At the working session, Deputy Minister Nguyen Thanh Tinh requested the drafting agency to assess the results, difficulties and obstacles in the implementation of the current Oil and Gas Law; pay attention to consulting relevant experts and stakeholders; focus resources to continue to improve policies based on the Council's comments.
The Deputy Minister proposed regulations on investment incentives to mobilize private resources to participate in oil and gas activities to meet the goal of strong development of the oil and gas sector; ensure the linkage between high-tech oil and gas services and offshore energy; research international experience in regulating frameworks for greenhouse gas emission reduction,...
According to the draft Submission of the Ministry of Industry and Trade, the context of oil and gas search, exploration and exploitation is increasingly difficult (production of many existing oil and gas fields is declining; new oil and gas fields are mostly near-border fields, oil and gas reserves are not high; oil and gas search and exploration in deep waters and offshore areas face difficulties due to complex geology and complex factors, sensitive to national defense and security; crude oil prices depend on the world market, recently there have been unusual fluctuations beyond the forecasts of international organizations and consultants...).
To create more favorable conditions for PVN Group and contractors in oil and gas activities to increase exploitation output and investment efficiency, contributing to ensuring sovereignty at sea and national energy security, it is necessary to continue to improve mechanisms and policies for the oil and gas industry.
Accordingly, the Ministry of Industry and Trade proposes to focus on 5 major policy groups:
Policy 1: Complete and simplify procedures, strengthen decentralization in appraisal and approval of basic investigation steps on oil and gas and oil and gas activities.
Policy 2: Supplement and improve regulations on oil and gas contracts.
Policy 3: Supplementing and perfecting regulations on investment incentives in oil and gas activities.
Policy 4: Regulations on mechanisms and policies for developing oil and gas value chains, including high-tech oil and gas services and offshore energy.
Policy 5: Framework regulations for greenhouse gas emission reduction, carbon capture and storage in oil and gas activities.
