Legislators continue debating revised Petroleum Law

Hanoi (VNA) – Lawmakers attending the third session of the 15th National Assembly on June 15 debated the draft Petroleum Law (revised).

After listening to deputies’ ideas, Deputy Minister of Industry and Trade Dang Hoang An, on behalf of the bill compiling agency, delivered a report summarising the opinions and explaining a number of issues.

Regarding the coverage of the bill, An said that it does not regulate middle and downstream oil and gas activities as only upstream oil and gas activities have the typical characteristics that must be regulated by specialised laws.

For investment projects that are implemented in chain, which require the construction of a series of road systems for the development of upstream oil and gas fields, the official said that the compiling agency will coordinate with verification agencies to ensure proper coverage of the bill.

An also explained a number of issues related to oil and gas exploration, oil and gas contracts, incentives in oil and gas activities and State management in the field, as well as regulations on environmental protection and supervision and investigation mechanisms.

Concluding the discussion, NA Vice Chairman Nguyen Duc Hai said that 23 legislator gave their ideas on the bill, the majority of whom agreed on the necessity of the law in fully institutionalising the Party and State’s policies on developing the oil and gas sector, ensuring energy security, removing current problems in the field, synchronising the legal system, strengthening effectiveness and enforcement of State management over oil and gas, promoting decentralisation and creating a smooth legal framework for investors in the field.

According to the NA Vice Chairman, deputies also discussed a wide range of issues related to the bill, including its name, its coverage, policies to attract resources from economic sectors, measures to increase oil and gas reserve, and the diversification of new power sources.

The NA General Secretary will make a summary report and send to NA deputies and relevant agencies, he added.

Hai underlined that the NA Standing Committee will direct the NA Economic Committee and relevant agencies to continue to collect ideas to complete the bill, which will continue to be debated at the NA’s fourth session./.