Vietnam: Failure to correctly implement the regulations on preservation and disposal of oil wells shall be fined up to VND 500 million

12:00, 31/08/2020

This is a notable content of the Decree No. 99/2020/NĐ-CP of Vietnam’s Government on penalties for administrative violations against regulations on petroleum, and petrol, oil and gas trading, issued on August 26, 2020.

Specifically, according to Article 8 of the Decree No. 99/2020/NĐ-CP of Vietnam’s Government, penalties for administrative violations against regulations on closure of petroleum prospecting, exploration and extraction projects are as follows:

A fine ranging from VND 200,000,000 to VND 300,000,000 shall be imposed for failure to submit to the competent authority the decommissioning plan for dismantlement of fixed installations for petroleum prospecting, exploration and extraction in accordance with regulations.

Particularly, a fine ranging from VND 300,000,000 to VND 500,000,000 shall be imposed for any of the following violations:

- Failure to dismantle fixed installations for petroleum prospecting, exploration and extraction according to the decommissioning plan approved by the competent authority;

- Failure to correctly implement the regulations on preservation and disposal of oil wells.

View more details at the Decree No. 99/2020/NĐ-CP of Vietnam’s Government, effective from October 11, 2020.

Le Vy

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