What are details of Circular 13/2024/TT-BCT on regulations for classification and reporting of petroleum resources and reserves in Vietnam?
What are details of Circular 13/2024/TT-BCT on regulations for classification and reporting of petroleum resources and reserves in Vietnam?
On August 08, 2024, the Minister of Industry and Trade of Vietnam issued download Circular 13/2024/TT-BCT on Regulations on Classification and Reporting of Oil and Gas Resources and Reserves in Vietnam.
Circular 13/2024/TT-BCT regulates the classification and reporting of oil and gas resources and reserves in oil and gas activities on land, islands, and sea areas within the Socialist Republic of Vietnam.
Circular 13/2024/TT-BCT applies to agencies, organizations, and individuals, both Vietnamese and foreign, involved in the classification and reporting of oil and gas resources and reserves.
Circular 13/2024/TT-BCT takes effect from October 01, 2024, and replaces Circular 24/2020/TT-BCT dated September 18, 2020, by the Minister of Industry and Trade of Vietnam on the classification and reporting of oil and gas resources and reserves.
What are details of Circular 13/2024/TT-BCT on regulations for classification and reporting of petroleum resources and reserves? (Image from the Internet)
What are regulations on the boundaries of classification of petroleum reserves and resources in Vietnam?
Pursuant to Article 6 of Circular 13/2024/TT-BCT, the boundaries of classification of petroleum reserves and resources in Vietnam are defined as follows:
(1) The boundaries of classification of petroleum reserves and resources are determined for each oil and gas reservoir, applying suitable extrapolation principles in accordance with specific geological conditions as per Appendix II attached to Circular 13/2024/TT-BCT.
(2) The identification of the boundaries and distribution of oil and gas reservoirs is based on specific materials and evidence. When applying analogous methods, the contractor must have origin data and justify the applicability of such data to the field or reservoir being calculated to confirm the appropriateness of the selected method and calculation parameters.
What are regulations on the classification of petroleum resources in Vietnam?
According to Article 4 of Circular 13/2024/TT-BCT, petroleum resources are classified into discovered petroleum resources and undiscovered petroleum resources.
(1) Discovered petroleum resources: Depending on technical feasibility, technology, and economic efficiency at the time of reporting, discovered petroleum resources are divided into developed and undeveloped groups, specifically:
+ Developed Group: Discovered petroleum resources in the developed group are classified into verified reserves (P1), probable reserves (P2), possible reserves (P3).
P1 is the amount of hydrocarbon calculated at a specific time, corresponding to the highest confidence level in the classification of petroleum resources. P1 must meet the following conditions: the reservoir boundaries are identified with high reliability according to geological, geophysical, drilling, and production testing data; permeability properties, reservoir characteristics, and hydrocarbon saturation of the reservoir are confirmed by well logs and/or core samples; production test results and fluid samples allow determining commercial hydrocarbons according to the contractor's economic evaluation criteria from at least one well;
P2 is the amount of hydrocarbon calculated at a specific time, with a confidence level lower than P1. P2 is identified as probably existing in the reservoir based on geological and geophysical data but not yet confirmed by production test results and fluid samples;
P3 is the amount of hydrocarbon calculated at a specific time, with a confidence level lower than P2. P3 is identified when hydrocarbons possibly exist in the reservoir based on geological and geophysical data but not reliable enough to classify as P2;
+ Undeveloped Group: Undeveloped petroleum resources in the undeveloped group are classified into verified (C1), probable (C2), and possible (C3). The technical criteria for classification C1, C2, C3 are similar to P1, P2, P3.
(2) Undiscovered petroleum resources are classified into prospective petroleum resources (R1) and speculative petroleum resources (R2).
+ R1 is the estimated amount of hydrocarbons at a specific time for mapped prospects, reservoirs, or traps but with no well-confirmed hydrocarbon presence;
+ R2 is the estimated amount of hydrocarbons at a specific time for theoretically possible accumulations, based on prospective sets under favorable geological conditions for hydrocarbon accumulation but not yet mapped.
LawNet