03 Requirements for preparing and updating petroleum resource and reserves reports in Vietnam

03 Requirements for preparing and updating petroleum resource and reserves reports in Vietnam (Illustration)

According to Article 9 of Circular 24/2020/TT-BCT stipulates the requirements for preparing and updating the petroleum Resource and Reserve Report in Vietnam as follows:

- For the development group, the Operator shall prepare and update the Report to submit to the Vietnam petroleum Group for approval, submit to the Ministry of Industry and Trade and the Appraisal Council for appraisal of the Report, and present to the Prime Minister of the Government of Vietnam for consideration and approval. The approval content includes the initial in-place petroleum volume at the 2P level (including P1 and P2) with a 50% probability and the corresponding petroleum reserves as a basis for developing and updating the mine development and exploitation plan.

- For the undeveloped group and undiscovered petroleum resources, the Vietnam petroleum Group shall review, record, evaluate, and periodically report annually to the Ministry of Industry and Trade to serve resource management and develop strategies and plans for future exploration and evaluation.

- Details of the approval and recording of petroleum resources and reserves are stipulated in Appendix IB issued together with Circular 24/2020/TT-BCT.

The Operator must submit a full Report and a summary Report. The content of the full Report is stipulated in Appendix III issued together with Circular 24/2020/TT-BCT. The procedures for submitting, appraising, and approving the Report comply with the provisions of Article 64 of Decree 95/2015/ND-CP dated October 16, 2015, of the Government of Vietnam detailing some provisions of the Petroleum Law.

Details can be found at Circular 24/2020/TT-BCT, which comes into effect in Vietnam from January 1, 2021.

Le Vy

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