Vietnam: How long is the duration of oil and gas contract from December 01, 2015?

16:53, 20/10/2015

On October 16, 2015, the Government of Vietnam issued Decree No. 95/2015/ND-CP detailing some articles of the Petroleum Law.

According to Vietnam’s current regulations, the oil and gas contract shall be signed in the form of oil and gas product sharing contract or other forms upon which the Vietnam Oil and Gas Group shall agree with the contractor with the approval from the Prime Minister.

thoi han hop dong dau khi, Nghi dinh 95/2015/NĐ-CP

According to Article 27 of Decree No. 95/2015/ND-CP of Vietnam’s Government, where the oil and gas only provides for the general duration irrespective of the duration for the oil and gas, such duration shall apply to both oil and gas.

Where the oil and gas only provides for the duration for gas but oil is discovered within the contractual area, the duration of oil and gas contract for the oil is as follows:

a) The duration of contract for oil shall not exceed twenty-five (25) years;

b) For encouraged oil and gas investment projects, the duration of contract for oil shall not exceed thirty (30) years.

Where the oil and gas only provides for the duration for oil but gas is discovered within the contractual area, the duration of oil and gas contract for the gas shall not exceed thirty (30) years.

Where the oil and gas only provides for the duration of both oil and gas, the duration of oil and gas contract is applied under the provisions in the contract.

View more details at Decree No. 95/2015/ND-CP of Vietnam’s Government, which takes effect from December 01, 2015.

Thu Ba

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