The Ministry of Industry and Trade of Vietnam shall make plan to develop oil and gas fields

Specifically, the Ministry of Industry and Trade of Vietnam shall perform the following tasks:

- Perform the state management of energy investment and construction projects; submit consolidated reports on production and business activities in the energy sector within its competence;

- Announce the list of energy projects under the development plans in the sectors of electricity, coal industry, oil and gas, new energy and renewable energy with the aim of attracting investments;

- Give approval for and manage the implementation of electricity development plans, new energy and renewable energy plans of provinces or central-affiliated cities; give approval for hydroelectric cascade planning;

- Give approval for early development plans (EDP); overall development plans (ODP); field clearance plans; make decisions on revocation of field-related rights in cases where contractors fail to conduct field development activities and extract oil within the prescribed time limit; make decisions on burning of associated gas; make decisions on extension of oil and gas search and exploration stage according to provisions of oil and gas contracts; fulfill other tasks as defined by the Law on Petroleum;

- Instruct the formulation and give approval for detailed plans for coal mining regions; nationwide peat exploration, exploitation and use plans; schemes for supply of coal to power plants;

- Organize negotiation to enter into documents or written agreements in the energy sector (BOT contracts, government guarantee agreements, or treaties) in accordance with the law regulations and as authorized by the Government;

- Perform state management of economical and efficient use of energy in accordance with the law regulations.

Decree No. 98/2017/NĐ-CP of Vietnam’s Government comes into force from August 18, 2017.

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