Update frequency of the petroleum resources and reserves report is 3 years in Vietnam

Update frequency of the petroleum resources and reserves report is 3 years in Vietnam (Illustrative image)

To be specific, Article 12 Circular 24/2020/TT-BCT stipulates that for the petroleum Resource and Reserve Report of the fields approved by the Prime Minister of the Government of Vietnam, PetroVietnam has the responsibility to monitor, compile resources and reserves and update the registration annually in Vietnam . The operator is responsible for updating and verifying:

- petroleum resources and reserves during additional exploration, evaluation, and extraction;- petroleum reserves during the preparation of the Outline Development Plan (ODP), Field Development Plan (FDP), and revised Field Development Plan reports.

The update period for the Report is 3 (three) years from the first commercial extraction of petroleum and subsequently on a periodical basis every 5 (five) years. In necessary cases, the operator updates and submits to the competent authority for consideration and approval.

In the Updated Report, if the amount of initial in-place petroleum at 2P level of the field changes by less than 15% (fifteen percent) compared to the latest approval, PetroVietnam records and reports to the Ministry of Industry and Trade, and the Prime Minister of the Government of Vietnam. If the amount of initial in-place petroleum at 2P level of the field changes by more than 15% (fifteen percent) compared to the latest approval, the operator must submit and re-seek approval per Article 10 of Circular 24/2020/TT-BCT.

Note: For discovered but undeveloped petroleum resources and undiscovered petroleum resources, PetroVietnam is responsible for compiling statistics, updating, and recording to serve management purposes and orient search exploration in the future.

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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