What is extracted petroleum in Vietnam?
What is extracted petroleum in Vietnam? Is this matter defined or regulated by the Law in any legal document?
In Clause 1, Article 3 of Circular 24/2020/TT-BCT regulating classification and reporting of petroleum reserves and resources in Vietnam issued by the Ministry of Industry and Trade, it is stipulated that:
1. “extracted petroleum” or “incremental production” means the total produced amount of the seam or field on the day the report on petroleum reserves and resources (hereinafter referred to as “Report”) is prepared, the recovered part of petroleum reserves.
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