Requirements for conducting fundamental investigations of petroleum in Vietnam

Requirements for conducting fundamental investigations of petroleum in Vietnam

Requirements for conducting fundamental investigations of petroleum specified in Article 12 of the Petroleum Law 2022 include:

(1) Organizations presiding over fundamental investigations of petroleum (presiding organizations) must possess sufficient financial and technical capacity as well as experiences in fundamental investigations of petroleum according to regulations of the Government of Vietnam.

(2) Organizations failing to fully satisfy requirements must establish a consortium with other organizations or individuals to fully satisfy requirements for conducting fundamental investigations of petroleum as prescribed in (1)

(3) Individuals participating in conducting fundamental investigations of petroleum must establish a consortium with organizations to fully satisfy requirements for conducting fundamental investigations of petroleum as prescribed in (1).

Requirements for conducting fundamental investigations of petroleum in Vietnam (Internet image)

Regulations on organizations conducting fundamental investigations of petroleum in Vietnam

Organizations conducting fundamental investigations of petroleum are specified in Article 10 of the Petroleum Law 2022 as follows:

- On the basis of strategies and planning in respect of energy and mineral resources and proposals of organizations meeting the requirements prescribed in Article 12 of the Petroleum Law 2022, the Ministry of Industry and Trade shall take charge and cooperate with the Ministry of Natural Resources and Environment and related ministries and agencies in formulating a list of projects to conduct fundamental investigations of petroleum in a manner of ensuring the totality and uniformity and submitting it to the Prime Minister for approval.

In the list of projects to conduct fundamental investigations of petroleum, contents of organizations presiding over performance, funding sources and cost estimates, conducting period and forms of organization of fundamental investigations of petroleum must be involved.

In case there is a proposal to conduct a fundamental investigation of petroleum in an area where a fundamental geological investigation of minerals or exploration and extraction of minerals under regulations of laws on minerals, the Prime Minister shall decide the cooperation in conducting between relative organizations and individuals on the basis of ensuring the highest efficiency and maximum national interests.

- Budget for fundamental investigations of petroleum shall be included in the state budget estimates, budgets of PVN, organizations and individuals.

- Forms of carrying out petroleum-related fundamental investigation projects include:

= Assignments in case state authorities and enterprises preside over carrying out the projects;

= Agreements between PVN and other organizations in case such organizations preside over carrying out the projects.

- On the basis of the approved list of fundamental investigation projects of petroleum, the Ministry of Industry and Trade shall take charge and cooperate with the Ministry of Natural Resources and Environment and related ministries and agencies in performing the following tasks:

= Approve detailed guidelines and cost estimates for fundamental investigations of petroleum; approve terms and details of the mutual agreements between PVN and organizations presiding over conducting fundamental investigations of petroleum in cases prescribed in Point b Clause 3 of Article 10 of the Petroleum Law 2022;

= Guide organization of carrying out fundamental investigations of petroleum; inspect and supervise the progress of petroleum-related fundamental investigation projects;

= Check before acceptance of the results of fundamental investigations of petroleum and approve them;

= Appraise expenditures and approve statements of funding from state budget sources (if any), expenditures of PVN (if any) used to conduct fundamental investigations of petroleum.

- Reports on the results of fundamental investigations of petroleum shall be updated on the national geology and mineral database system.

Mai Thanh Loi

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