Decree No. 95/2015/NĐ-CP detailing certain provisions of the Petroleum Law

DECREE

Regulations on certain provisions of LAmendment and Supplement to Certain Provisions of the Tobacco Control Law Domestic air passenger transport service on regular basic economy classoil and gas

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

Based on the Oil Law"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation." July 6, year 11993; Law amending and supplementing some articles of the Oil and Gas Law on June 9, 2000;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP Law amending and supplementing some articles of the Oil and Gas Law on July 6, 1993;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation." Law amending and supplementing some articles of the Oil and Gas Law on June 9, 2000;No. Law amending and supplementing some articles of the Oil and Gas Law on June 3, 2008;

hereby promulgates this Circular regulating the implementation of daytime chemotherapy, radiotherapy, and combined chemoradiotherapy at health care facilities.a Minister of Industry and Trade,

The Government issues this Decree to provide detailed regulations for certain provisions of the Oil and Gas Law dated July 6, 1993; the Law amending and supplementing some articles of the Oil and Gas Law dated June 9, 2000; and the Law amending and supplementing some articles of the Oil and Gas Law dated June 3, 2008 (hereinafter referred to collectively as the Oil and Gas Law) concerning the implementation of activities related to basic investigation; bidding for oil and gas exploration and exploitation projects; exploration, development, and exploitation of oil and gas fields (including processing, collection, storage, and transportation of oil and gas within the exploitation area up to the point of transfer and service activities related to oil and gas); dismantling of fixed structures, equipment, and means serving oil and gas activities within the territory of Vietnam, including mainland, islands, internal waters, territorial seas, contiguous zones, exclusive economic zones, and continental shelf under the sovereignty, sovereign rights, and jurisdiction of the Socialist Republic of Vietnam, as determined by Vietnamese law, international treaties on borders and territories to which the Socialist Republic of Vietnam is a party, and consistent with the United Nations Convention on the Law of the Sea 1982."b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation." as follows:

h1. Conditions, premium rates; minimum amount of insurance.

GENERAL PROVISIONS

Article 1. Scopei of regulation

This Decree applies to organizations and individuals implementing oil and gas activities; organizations and individuals related to oil and gas activities.

Article 2. Applicability

Article 3. Definitions

1. Contract area refers to the area determined based on the exploration and production blocks agreed upon in the oil and gas contract or the remaining area after compensation.i2. Bidder refers to organizations, individuals, or consortiums that have registered to participate in bidding for oil and gas exploration and exploitation projects.

In this Decree, the following terms are understood as follows:

3. Minimum work commitment and minimum financial commitment refer to the minimum volume of work committed and the corresponding minimum cost associated with the minimum volume of work that the contractor estimates and commits to implement during each small phase or the entire phase of exploration in the oil and gas contract.

4. Transfer point refers to the point agreed upon in the oil and gas contract where ownership of oil and gas is transferred to the parties involved in the oil and gas contract.

5. Oil and gas contractor consortium refers to a group formed from two or more independent organizations or individuals based on an agreement to participate in bidding or competitive tendering or designated tendering to implement oil and gas exploration and exploitation projects in Vietnam.

6. General plan for field development refers to the overall plan established by the contractor and approved according to the provisions of this Decree, aimed at selecting an appropriate development scheme (early development or full-field development), taking into account the potential for future expansion of the field or area (if applicable).

7. Early development plan refers to the document prepared by the contractor and approved according to the provisions of this Decree, aimed at applying suitable technology and solutions to collect information about the reservoir or field or to collect operational information with the goal of optimizing field development.

8. Field development plan refers to the document prepared by the contractor and approved according to the provisions of this Decree, aimed at carrying out construction activities, installation of equipment, and field exploitation.

9. Associated gas refers to hydrocarbons in gaseous form separated during the exploitation and processing of crude oil.

10. Plan for dismantling fixed structures, equipment, and means serving oil and gas activities (hereinafter referred to as the field dismantling plan) refers to the document containing contents related to technical solutions, technology, environment, total costs, and schedule for dismantling fixed structures, equipment, and means serving oil and gas activities.

11. Field development refers to the process of preparing and investing in construction works, drilling for exploitation, installing equipment to bring the field into oil and gas exploitation from the time the field is declared commercially viable.

12. Oil and gas profit-sharing ratio refers to the portion of profits shared between the host country and the contractor as agreed in the oil and gas contract.

11. Development of a field is the process of preparing and investing in construction projects, drilling for extraction, and installing equipment to bring the field into oil and gas exploitation from the time it is declared to have commercial value.

12. The oil and gas profit-sharing ratio is the portion of profits divided between the host country and the contractor as agreed upon in the oil and gas contract.

Article 4. Basis for conducting oil and gas activitiesdevelopment 1. Organizations and individuals from Vietnam and abroad shall conduct oil and gas exploration and exploitation activities based on oil contracts or other agreements signed with the Vietnam Oil and Gas Group or the Government of the Socialist Republic of Vietnam in accordance with the Oil Law, this Decree, and related legal documents.

2. The Parent Company - Vietnam Oil and Gas Group (hereinafter referred to as the Vietnam Oil and Gas Group) shall directly conduct oil and gas exploration and exploitation activities in accordance with the provisions of this Decree.

Bidding for Oil and Gas Exploration and Exploitation Projects

Chapter II

Determining Blocks and Tender Selection Forms

Section 1

Article 5. Determination of oil blocks

1. The Vietnam Oil and Gas Group shall study and develop a list of oil blocks or a revised list of oil blocks or new oil blocks, report to the Ministry of Industry and Trade for review, and submit to the Prime Minister for consideration and decision.

The process of reviewing, submitting to the Prime Minister for consideration and approval of the list of oil blocks or a revised list of oil blocks or new oil blocks shall be carried out in accordance with the provisions of Article 81 of this Decree.

2. Before March 31 each year, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade on the situation of returning areas by contractors in accordance with the terms of the oil contract and adjust the actual area of oil blocks.

Article 6. Forms

of contractors selection c QuBriefing signed on February 18, 2025The forms of selecting contractors to implement oil and gas exploration and exploitation projects include:

1. Open tendering.

2. Competitive bidding.

3. Direct award.

OPEN TENDERING

Section 2

Article 7. Open tendering

The selection of contractors through open tendering shall be applied on the principle of international competition and without a prequalification stage. All organizations and individuals meeting the conditions stipulated in Article 8 of this Decree may participate in the tender.Invalid input; no translatable text provided.

Article 8. Conditions for tenderers

1. The bidder must meet all of the following conditions:ệ3. Personnel working in confidential services receiving salaries equivalent to those of military personnel currently employed at the State Cryptographic Agency; civilian students receiving subsistence allowance from the state budget according to regulations and policies applicable to military students.itself a) For organizational bidders:

- Registered establishment and operation in accordance with the laws of the country where the bidder operates;

- Not currently undergoing dissolution; not concluded to be in a state of bankruptcy or unable to pay debts according to the law;

- Not currently prohibited from participating in tenders.

b) For individual bidders:

- Having full civil capacity according to the laws of the country of which the individual is a citizen;

- Not currently being pursued for criminal responsibility;

c) Possessing sufficient financial, technical, and professional experience in the field of oil and gas exploration and exploitation;

d) Having participated in at least two oil and gas exploration and exploitation contracts either currently or previously.

- Having full civil capacity according to the laws of the country of which the individual is a citizen;

2. Organizations and individuals that do not satisfy the condition set forth in Point d Clause 1 of this Article, if they wish to engage in oil and gas activities in Vietnam, must form a consortium with organizations and individuals who have the required qualifications to become a joint oil contractor in accordance with this Decree. In such cases, the organization or individual with the required qualifications will represent all parties in the consortium to participate in the tender and act as the lead party.

Article 9. Tender criteria

1. The tender criteria listed in the tender invitation documents include:

a) Oil profit sharing ratio;

b) Minimum work commitment and minimum financial commitment;

c) Participation rate of the Vietnam Oil and Gas Group or its subsidiary designated to participate as a contractor;

d) Cost recovery ratio.

2. Based on the potential of each oil block, the Ministry of Industry and Trade shall submit to the Prime Minister for consideration and decision to supplement one or more additional tender criteria such as the capital contribution ratio for the Vietnam Oil and Gas Group or its subsidiary designated to participate as a contractor, signature commission, commercial discovery commission, production commission, reference document fee, training costs, contributions to scientific research and technology development funds for oil and gas or similar criteria in the tender invitation documents.

3. Resource tax, corporate income tax, crude oil export tax (including condensate) and natural gas, other taxes, fees, and charges as prescribed by tax, fee, and charge laws, and announced in advance in the tender invitation documents.

2. Based on the potential of each oil and gas block, the Ministry of Industry and Trade shall submit to the Prime Minister for consideration and decision to supplement one or more bidding criteria such as the capital contribution rate for Vietnam Oil and Gas Group or its subsidiaries designated to participate as contractors, signing commission, commercial discovery commission, production commission, reference document fee, training costs, scientific research and technology development fund contributions, or other similar criteria in the tender invitation document.

3. Resource tax, corporate income tax, crude oil export tax (including condensate) and natural gas export tax, other taxes, fees, and charges as prescribed by laws on taxes, fees, and charges, and announced in advance in the tender invitation document.

Article 10. Procurement processy The procurement process includes the following steps:

1. Preparing, reviewing, and approving the procurement plan.

2. Issuing a tender invitation.

3. Registering to bid and reading the documentation.

4. Issuing the tender documentation.

5. Receiving bid submissions, opening bids, and evaluating bid submissions.

6. Reviewing, approving, and announcing the results of the contractor selection.

7. Negotiating and finalizing the oil and gas contract.

8. Approving and signing the oil and gas contract.

Article 11. Preparing, reviewing, and approving the procurement plan

1. The Vietnam Oil and Gas Group prepares the procurement plan and reports it to the Ministry of Industry and Trade for review, then submits it to the Prime Minister for consideration and decision.

2. The procurement plan includes the following contents:

a) List of blocks to be tendered and preliminary assessment of the oil and gas potential of each block;

b) Timeframe for conducting the tender;

c) Tender criteria;

d) Bid evaluation method.

3. The review process, submission to the Prime Minister for consideration and approval of the procurement plan is carried out according to the provisions of Article 81 of this Decree.

Article 12. Issuing a broad tender invitation

1. Based on the approved procurement plan, the Vietnam Oil and Gas Group issues a tender invitation. The tender invitation is published continuously for five (05) consecutive issues in five (05) reputable daily newspapers, including at least one (01) newspaper published in English on domestic or international online information platforms in Vietnamese and English. The tender invitation may also be directly sent to organizations and individuals interested in the tendered blocks.This Resolution takes effect from the date it is adopted by the National Assembly.2. The tender invitation includes the list of tendered blocks; maps of the tendered block areas; reference time for accessing documents and other related information.i

Article 13. Registering to bid

1. The bidder sends a registration to bid to the Vietnam Oil and Gas Group. The deadline for registering to bid shall not exceed forty-five (45) days from the last day of publishing the tender invitation.

2. When registering to bid, the bidder must provide a summary of proof of financial and technical capacity and the anticipated formation of an oil and gas contractor consortium (if applicable).

3. After registering to bid, the bidder is entitled to receive the tender documentation and has access to the documents listed in the tender documentation.

Article 14. Tender documentation

1. Based on the approved procurement plan, the Vietnam Oil and Gas Group prepares the tender documentation and issues it to the bidders.

2. The contents of the tender documentation include:This Resolution takes effect from the date it is adopted by the National Assembly.a) Tender criteria;

b) Requirements for financial and technical capacity, professional experience, and documentation regarding the formation of an oil and gas contractor consortium (if applicable);

c) Method for evaluating bid submissions;

d) Timeframe for conducting the tender process and other details about the tender procedures;

đ) Basic documentation and information about the tendered block;

e) Legal document requirements: business registration certificate, articles of association, financial statements for the three (03) most recent years for organizations, and identification card or passport for individuals, and other relevant documents of the bidder or each party participating in the oil and gas contractor consortium;

g) Guidelines for bidders;

h) Model oil and gas contract;

i) Bid security (if applicable), including contents regarding the form, value, and duration of the bid security;

k) Other contents related to assessing the oil and gas potential of the block (if applicable).

h) Model oil and gas contract;

i) Bid guarantee (if applicable) including contents regarding the form, value, and duration of the bid guarantee;

k) Other relevant contents related to assessing the oil and gas potential of the block (if applicable).

Article 15. Tender Documentsitself a) For organizational bidders:

1. The tender documents shall be prepared in one (01) original copy and two (02) copies in Vietnamese or English as specified in the tender invitation documents.

2. The currency used in the tender documents is United States Dollars.

3. The bidder shall submit the tender documents to the Vietnam Oil and Gas Group within the time limit stipulated in the tender invitation documents. The Vietnam Oil and Gas Group shall determine the submission deadline based on actual circumstances but not exceeding 120 days from the date of issuance of the tender invitation documents. The tender documents shall be considered valid when they fully meet the requirements of the tender invitation documents and are submitted within the prescribed time.

Article 16. Tender Guarantee

1. Bidders are obligated to submit the tender guarantee as specified in the tender invitation documents.

2. In cases where the tender guarantee is provided in cash, the bidder shall be refunded the amount paid if they do not win the bid or after signing the oil and gas contract.

Article 17. Bid Opening

1. The bid opening must be conducted at the time specified in the tender invitation documents.

2. The participants in the bid opening include representatives of the Ministry of Industry and Trade, the Vietnam Oil and Gas Group, and members of the expert team. Representatives of the bidders may be invited to attend the bid opening.

Article 18. Confidentiality of Tender Documents

1. Tender documents shall be managed according to the legal regulations on the "confidential" regime and ensure that all information in the tender documents remains confidential throughout the bidding process.

2. After the bid opening, any supplementary materials provided by the bidder for the tender documents shall have no legal effect except in cases where the supplementary materials serve to clarify the tender documents as stipulated in this Decree.

Article 19. Evaluation of Tender Documents

The Vietnam Oil and Gas Group shall conduct the evaluation of tender documents in accordance with the following provisions:

1. The evaluation of tender documents must be based on the bidding evaluation method approved by the Prime Minister in the bidding plan. The bidding evaluation method shall not be changed during the evaluation process.

2. The Vietnam Oil and Gas Group may request the bidder to clarify the tender documents in writing.

Within five (05) working days from the receipt of the Vietnam Oil and Gas Group's request, the bidder shall provide a written response.

Clarification of tender documents shall only serve to explain and shall not change the main content of the tender documents.

3. The bidding evaluation shall be completed within twenty (20) working days from the bid opening date.

4. The Vietnam Oil and Gas Group shall establish an expert team to evaluate the bids. The expert team shall operate under the rules established by the Vietnam Oil and Gas Group.

Article 20. Examination of Bidding Results

1. Within fifteen (15) working days from the completion of the bidding evaluation, the Vietnam Oil and Gas Group shall submit the bidding evaluation results to the Ministry of Industry and Trade.

The documents shall include the following contents:

a) Tender invitation documents;

b) Tender documents;

c) Minutes of the bid opening;

d) Minutes of the bidding evaluation and scoring sheet;

đ) Any documents requested by the Vietnam Oil and Gas Group to clarify the tender documents and the bidder's responses (if any);

e) Recommendations;

g) Other documents (if any).

The Vietnam Oil and Gas Group shall submit two (02) original sets and eight (08) sets of copies of the documents to the Ministry of Industry and Trade.

2. The examination process, submission to the Prime Minister for review and approval of the bidding results, shall be carried out in accordance with the provisions of Article 81 of this Decree.

Article 21. Notification of Tender Results

1. Within five working days from the date the Prime Minister approves the tender results, the Vietnam Oil and Gas Group shall notify the bidding parties of the tender results, except for special cases decided by the Prime Minister.

2. Based on the approved tender results, the Vietnam Oil and Gas Group shall notify the successful bidder of the plan to negotiate the oil and gas contract.

Section 3

COMPETITIVE BIDDING, DIRECT ASSIGNMENT BIDDING AND OIL AND GAS ACTIVITIES CONDUCTED BY THE VIETNAM OIL AND GAS GROUP

Article 22. Competitive Bidding

1. The competitive bidding form shall be applied in cases where the oil and gas block is not included in the approved tender plan and there are at least two (02) organizations or individuals meeting the conditions stipulated in Article 8 of this Decree who show interest and propose to sign an oil and gas contract.

2. The competitive bidding process shall be conducted in the following steps:

a) The Vietnam Oil and Gas Group shall submit a document clearly stating the reasons for applying the competitive bidding form to the Ministry of Industry and Trade for consideration and decision within fifteen working days from the date of receipt of the Vietnam Oil and Gas Group's document;

b) In case the Ministry of Industry and Trade permits the application of the competitive bidding form, the Vietnam Oil and Gas Group shall notify the contractors wishing to participate in the bidding about the bidding documents and the time to submit the competitive bidding documents.

The competitive bidding documents include:

- A report on financial capacity, technical capability, professional experience, and a document on the formation of a joint venture contractor (if applicable);

- Basic economic, technical, and commercial indicators of the oil and gas contract based on referring to the tender indicators prescribed in Article 9 of this Decree;

- Requirements for legal documents: business registration certificate, charter, financial statements for the last three (03) years for organizations or identification card or passport for individuals and other related documents of the bidding party or each party participating in the joint venture contractor.

c) Organizations and individuals must submit the competitive bidding documents including one (01) original copy and two (02) copies to the Vietnam Oil and Gas Group within the required deadline.

d) Within fifteen working days from the end date of submitting the competitive bidding documents, the Vietnam Oil and Gas Group must complete the evaluation of the competitive bidding results. The regulations on the bidding document review procedures under open tendering shall apply to the competitive bidding evaluation process.

đ) Within fifteen working days from the completion date of the competitive bidding evaluation, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade the competitive bidding results for verification and submission to the Prime Minister for approval, with two (02) original sets and eight (08) sets of copies of the documents.

In cases of refusal, the State Bank will issue a document refusing approval to use foreign currency within the territory and clearly state the reasons.

- Competitive bidding documents;

- Minutes of the competitive bidding evaluation, scoring sheet for competitive bidding;

- Documents of the Vietnam Oil and Gas Group requesting clarification of the competitive bidding documents and the responses of the bidding party (if any);

- Recommendations;

- Other documents (if any).

3. The procedure for verification, submission to the Prime Minister for examination and approval of the competitive bidding results shall be carried out in accordance with the provisions of Article 81 of this Decree.

4. The Vietnam Oil and Gas Group shall be responsible for notifying the competitive bidding results in accordance with the provisions of Article 21 of this Decree.

Article 23. Direct Tendering

1. The Prime Minister decides on direct tendering for the case where there is only one organization, individual, or consortium of oil and gas contractors meeting the conditions stipulated in Article 8 of this Decree interested in and proposing to sign an oil and gas contract, or in special cases related to national sovereignty, borders, and islands.

2. The process of direct tendering shall be conducted as follows:

a) Organizations or individuals submit to the Vietnam Oil and Gas Group a proposal for direct tendering including:

- A report on financial capacity, technical capability, professional experience, and a document on the formation of a joint venture contractor (if applicable);

- Basic economic, technical, and commercial indicators of the oil and gas contract based on referring to the tender indicators prescribed in Article 9 of this Decree;

- Legal documents comprising: registration certificates for business operations, charters, financial reports for the last three (03) years for organizations or identification cards or passports for individuals, and other relevant documents of the contractor or each party participating in the proposed direct tendering consortium.

b) The Vietnam Oil and Gas Group evaluates the proposals and submits them to the Ministry of Industry and Trade for consideration of direct tendering, including contents such as the area or block requested for direct tendering; reasons for direct tendering; organizations or individuals proposed for direct tendering; and basic economic, technical, and commercial indicators of the proposed oil and gas contract.

3. The review process, submission to the Prime Minister for examination and approval of the results of direct tendering shall be carried out in accordance with the provisions of Article 81 of this Decree.

4. Within five (05) working days from the date the Prime Minister approves the direct tendering, the Vietnam Oil and Gas Group shall notify the organization or individual selected for direct tendering about the plan for negotiating the oil and gas contract.

Article 24. Oil and Gas Activities Conducted by the Vietnam Oil and Gas Group

1. In the case where the Vietnam Oil and Gas Group receives a transfer of all or part of the rights and obligations of the contractor under an oil and gas contract, the Vietnam Oil and Gas Group shall cooperate with the transferring party and the parties involved in the contract to complete the necessary legal documents to obtain an adjusted investment registration certificate, thereby fully inheriting the rights and obligations of the contractor as stipulated in the oil and gas contract, this Decree, and relevant laws.

2. In the case of taking over a field from a contractor, the Vietnam Oil and Gas Group or its subsidiary shall conduct oil and gas activities based on a new oil and gas contract or according to a decision of the Prime Minister.

3. For investment projects for exploration and exploitation of new oil and gas fields

a) The Vietnam Oil and Gas Group prepares project investment documentation for review by the Ministry of Industry and Trade.

b) The project investment documentation includes:

- Plans for implementing research, seismic surveys, drilling, and other activities (if applicable);

- Basic economic, technical, and commercial indicators applicable to the project;

- Costs and sources of funding for the investment;

- Investment effectiveness assessment;

- Other relevant documents (if applicable);

- Recommendations.

The Vietnam Oil and Gas Group shall submit two (02) original sets and eight (08) sets of copies of the documents to the Ministry of Industry and Trade.

c) The review process, submission to the Prime Minister for examination and approval of new exploration and exploitation oil and gas investment projects shall be carried out in accordance with the provisions of Article 81 of this Decree.

d) During the implementation of exploration and exploitation projects, if the Vietnam Oil and Gas Group receives proposals for investment in projects from organizations or individuals meeting the conditions stipulated in Article 8 of this Decree, the Vietnam Oil and Gas Group shall negotiate basic economic, technical, and commercial indicators with these organizations or individuals, submit them for review by the Ministry of Industry and Trade in accordance with Clause 2 and 3 of Article 23 of this Decree, and submit to the Prime Minister for examination and decision regarding the principle of signing an oil and gas contract.

After receiving the Prime Minister's decision on the principle of signing an oil and gas contract, the Vietnam Oil and Gas Group and the aforementioned organizations or individuals shall negotiate and sign the oil and gas contract in accordance with this Decree and relevant laws.

4. For basic investigation activities conducted by the Vietnam Oil and Gas Group or its subsidiaries, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade for review in accordance with Article 81 of this Decree and submit to the Prime Minister for examination and approval.

Chapter III

OIL AND GAS CONTRACT

Article 25. Forms of Oil and Gas Contracts

1. Oil and gas contracts shall be concluded in the form of product-sharing contracts or other forms agreed upon by the Vietnam Oil and Gas Group with contractors and approved by the Prime Minister.

2. Oil and gas contracts must comply with model contracts issued by the Government, except for cases decided by the Prime Minister.

Article 26. Negotiation of Oil and Gas Contracts

1. The Vietnam Oil and Gas Group is responsible for negotiating oil and gas contracts based on the results of bidding, competitive tendering, or designated tendering approved by the Prime Minister. The negotiation period for oil and gas contracts shall not exceed ninety (90) days from the date the Vietnam Oil and Gas Group announces the tender selection results.

2. If negotiations for oil and gas contracts have not been completed within ninety (90) days, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade the reasons and request an extension of the negotiation period for the Ministry of Industry and Trade to consider and decide. The extended negotiation period shall not exceed sixty (60) days.

3. In case negotiations for oil and gas contracts have not been completed even after the extended negotiation period specified in Clause 2 of this Article, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade to organize an assessment and submit to the Prime Minister for consideration and decision.

Article 27. Duration of Oil and Gas Contractsnational1. Where an oil and gas contract only specifies a general duration without distinguishing between durations for oil and gas, such duration shall apply to both oil and gas.

2. Where an oil and gas contract only specifies a duration for gas but there is also an oil discovery within the contract area, the duration of the oil and gas contract for oil shall be as follows:

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

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

3. Where an oil and gas contract only specifies a duration for oil but there is a gas discovery within the contract area, the contract duration for gas shall not exceed thirty (30) years.

4. Where an oil and gas contract specifically stipulates durations for both oil and gas, the contract duration shall be applied according to the provisions in the contract.

Article 28. Exploration Phase

The exploration phase prescribed in Article 17 of the Petroleum Law may be divided into smaller phases. The duration of each smaller phase shall be agreed upon by the parties to the oil and gas contract.

Article 29. Extension of the Exploration Phase and Oil and Gas Contracts

Articleon1. Extension of the Exploration PhaseDeclaration, re-declarationa) The Ministry of Industry and Trade shall examine and approve the extension of the exploration phase in any of the following cases:i ENVIRONMENTThis Resolution takes effect from the date it is adopted by the National Assembly.- At the end of each smaller phase or at the end of the exploration phase, if the contractor has discovered oil and gas within the contract area but the remaining time is insufficient for the contractor to assess the discovery;

- One or more exploration wells that are in the drilling plan or in the drilling process, but the remaining time is insufficient to complete the drilling work and post-drilling evaluation;

- The contractor proposes to undertake additional commitments;

- Other cases provided for in the oil and gas contract.

The total cumulative extension time for the exploration phase shall not exceed two (02) years.

b) At least ninety (90) days before the end of each smaller phase or the end of the exploration phase, the contractor and the Vietnam Oil and Gas Group must submit a document detailing the reasons for requesting an extension of the exploration phase to the Ministry of Industry and Trade;

c) Within fifteen (15) working days from the date of receipt of the request for extension of the exploration phase, the Ministry of Industry and Trade shall examine and approve.

2. Extension of the Oil and Gas Contract Duration

a) Oil and gas contracts may be extended in accordance with Article 17 of the Petroleum Law;

b) At least one (01) year before the end of the oil and gas contract, the contractor and the Vietnam Oil and Gas Group must submit a document detailing the reasons for requesting an extension of the contract duration to the Ministry of Industry and Trade for review;

c) The procedure for reviewing, submitting to the Prime Minister for consideration and approval of the extension of the contract duration shall be carried out in accordance with Article 81 of this Decree.

a) The oil and gas contract may be extended according to Article 17 of the Petroleum Law;

b) At least one (01) year before the end date of the oil and gas contract, the contractor and Vietnam Oil and Gas Group must submit a document clearly stating the reasons for requesting an extension of the contract term for review by the Ministry of Industry and Trade;

c) The process of reviewing, submitting to the Prime Minister for consideration and approval of the extension of the contract term is carried out according to the provisions of Article 81 of this Decree.

Article 30. Extension of the Exploration Phase Duration in Special Casesi 1. Special cases for extending the exploration phase duration as stipulated in Clause 2, Article 17 of the Petroleum Law include situations due to national defense, security reasons, or where the petroleum block has complex geological conditions or is located in deep waters or far offshore areas, or other cases decided by the Prime Minister.

2. At least ninety (90) days before the end of the exploration phase, the contractor and Vietnam Oil and Gas Group must submit a document detailing the reasons for requesting an extension of the exploration phase duration for review by the Ministry of Industry and Trade.

3. The process of reviewing, submitting to the Prime Minister for consideration and approval of the extension of the exploration phase duration in special cases shall be carried out according to the provisions of Article 81 of this Decree.

Article 31. Retaining the Area of Gas Discovery

1. A gas discovery with commercial potential as defined in Article 17 of the Petroleum Law is a discovery that, based on preliminary assessment by the contractor, could be economically viable if developed.i2. The contractor and Vietnam Oil and Gas Group must submit a document detailing the reasons and requesting the retention period for the gas discovery area for review by the Ministry of Industry and Trade and report to the Prime Minister for consideration and decision.

3. If the retention period for the gas discovery area has been extended up to five (05) years by the Prime Minister but the contractor still cannot find a market for gas sales or existing infrastructure does not ensure the development of the gas discovery, the Prime Minister may allow an additional two (02) year extension of the retention period for the gas discovery area.

4. The process of reviewing, submitting to the Prime Minister for consideration and decision on retaining the gas discovery area or extending the retention period by an additional two (02) years shall be carried out according to the provisions of Article 81 of this Decree.

5. The retention period for the gas discovery area is not included in the term of the petroleum contract.

Article 32. Suspension of the Performance of Certain Rights and Obligations under the Petroleum Contract

1. Suspension in Case of Force Majeure

a) In case of force majeure, the parties to the petroleum contract may agree on the method of suspending the performance of certain rights and obligations as provided in the petroleum contract;periodb) In the event that the force majeure event ceases but the contractor needs time to address the consequences of the force majeure event that has not yet been resolved, the Prime Minister authorizes the Ministry of Industry and Trade to consider and decide on the continuation of the suspension of the performance of certain rights and obligations in the petroleum contract based on the proposal of Vietnam Oil and Gas Group and the contractor.|||Within fifteen working days from the date of receipt of the document requesting the continuation of the suspension of the performance of certain rights and obligations in the petroleum contract, the Ministry of Industry and Trade shall consider and decide.||| 2. Suspension in Special Cases

a) Special cases for suspending the performance of certain rights and obligations in the petroleum contract are those specified in Clause 1, Article 30 of this Decree;

b) The contractor and Vietnam Oil and Gas Group submit to the Ministry of Industry and Trade a document requesting the suspension of certain rights and obligations in special cases.

In cases where the suspension of the performance of certain rights and obligations in the petroleum contract is due to security or national defense reasons, the Ministry of Industry and Trade shall lead the review according to the provisions of Article 81 of this Decree to submit to the Prime Minister for consideration and decision.

For other special cases of suspending the performance of certain rights and obligations in the petroleum contract (excluding cases due to security and national defense reasons), the Prime Minister authorizes the Ministry of Industry and Trade to consider and decide within fifteen working days from the date of receipt of the request document from the contractor and Vietnam Oil and Gas Group.

2. Suspension in special cases

a) Special cases where certain rights and obligations under the oil and gas contract are temporarily suspended are those cases specified in Clause 1, Article 30 of this Decree;

b) The contractor and Vietnam Oil and Gas Group shall submit to the Ministry of Industry and Trade a document proposing the temporary suspension of certain rights and obligations in special cases.

In cases where the implementation of certain rights and obligations under the oil and gas contract is temporarily suspended due to security or defense reasons, the Ministry of Industry and Trade shall lead the review according to the provisions of Article 81 of this Decree to submit to the Prime Minister for consideration and decision.

For other special cases (excluding security and defense reasons) where the implementation of certain rights and obligations under the oil and gas contract is temporarily suspended, the Prime Minister authorizes the Ministry of Industry and Trade to examine and decide within fifteen working days from the date of receipt of the proposal document from the contractor and Vietnam Oil and Gas Group.

Article 33. Returning exploration areasệ1. The contractor must return an area for exploration not less than twenty percent (20%) of the initial contract area at the end of each small phase within the exploration phase or another ratio lower than twenty percent (20%) as decided by the Prime Minister, except for areas developed into fields and areas retained according to Article 17 of the Petroleum Law or proposed to be retained according to the petroleum contract provisions, or other cases decided by the Prime Minister.

2. The contractor has the right to return the area at any time during the exploration phase. Voluntarily returned areas will be deducted from the obligation to return areas of the relevant phase. Voluntary return of areas does not reduce the commitments already agreed upon for the relevant phase as well as the returned areas.

3. Returned areas must have simple geometric shapes and facilitate subsequent petroleum activities.

4. The contractor is obligated to clear all facilities, structures, equipment, and means serving petroleum activities on the returned area in accordance with this Decree and related legal documents.

5. The process of reviewing and submitting to the Prime Minister for consideration of issues regarding returning areas at a ratio lower than twenty percent (20%) as stipulated in Clause 1 of this Article shall be carried out in accordance with Article 81 of this Decree.

Article 34. Commitment of Work and Additional Commitments of Work

1. The contractor and the Vietnam Oil and Gas Group must agree in detail on the implementation plan for the minimum work commitments during the exploration phase as well as training, recruitment, and technology transfer commitments as specified in the petroleum contract.

2. In case the contractor implements additional commitments of work concerning drilling wells or seismic blasting as stipulated in the petroleum contract, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade about the implementation plan.

3. In case the contractor commits to performing additional work and the minimum financial value for such additional work during the extended exploration phase, extension of the petroleum contract; extension of the retention period for part or all of the contract area; extension of the period for suspending the obligation to return areas or additional work commitments for further research purposes and such extensions have been approved by competent state authorities, they will be considered as the minimum work commitments of the contract.

4. In case the contractor completes the minimum work commitments with costs lower than the minimum financial commitments stated in the petroleum contract, the contractor is deemed to have fulfilled their financial obligations and is not required to pay the Vietnam Oil and Gas Group the full or any portion of the difference between the minimum financial commitment and actual costs incurred when fulfilling the minimum work commitments.

5. In case the contractor fails to complete the committed workload during the exploration phase or the extended period mentioned above (if applicable), or in case the contractor requests to terminate the petroleum contract prematurely, the contractor must repay to the Vietnam Oil and Gas Group an amount corresponding to the unfulfilled minimum work commitments calculated based on the minimum financial commitment within ninety (90) days from the end of that phase or the date of declaring premature termination of the petroleum contract. After the contractor fulfills the repayment obligation, the contractor will be relieved of any obligations related to the failure to complete the committed workload in the relevant phase.

6. In case the contractor requests to convert the committed work commitments, the conversion shall be carried out as follows:

a) The conversion of work commitments must ensure the interests of the State and facilitate petroleum activities more effectively;

b) Based on the contractor's written request for work commitment conversion, the Vietnam Oil and Gas Group shall submit it for review by the Ministry of Industry and Trade in accordance with Article 81 of this Decree for submission to the Prime Minister for consideration and decision;

c) New work commitments and financial commitments approved by the Prime Minister shall be considered as the minimum work commitments and financial commitments of the petroleum contract.

c) New work commitments and financial commitments approved by the Prime Minister shall be considered the minimum work and financial commitments of the oil and gas contract.

Article 35. Operator

1. The appointment or hiring and the scope of authority of the operator shall be stipulated in the oil and gas contract or by a separate agreement.

2. The operator represents the contractor to manage activities within the scope of authority under the oil and gas contract, performs rights and obligations according to the oil and gas contract, the document on the appointment or hiring of the operator, and relevant laws.

3. The Vietnam Oil and Gas Group has the right to request the contractor to change the operator in cases where the operator seriously violates Vietnamese law or there is clear evidence that the operator lacks the capacity to operate as prescribed in the oil and gas contract. The procedure for changing the operator in such cases shall be carried out in accordance with the provisions of the oil and gas contract and other related agreements of the contractor.

4. In cases where the contractor uses a common operator company to manage oil and gas activities, the common operator company shall comply with the following regulations:

a) The common operator company is established to represent oil and gas contractors to manage oil and gas activities within the scope of authority, perform rights and obligations according to the oil and gas contract, management agreement, company charter, and relevant laws;

b) The procedures for establishment, organizational structure, operation, rights, and obligations of the common operator company shall comply with the provisions of the Enterprise Law, Investment Law, Petroleum Law, this Decree, the oil and gas contract, and internationally accepted oil industry practices;

c) The common operator company is responsible for representing the contractor to fulfill obligations according to the oil and gas contract, other agreements of the contractors, and relevant laws before ceasing operations.

5. The Ministry of Industry and Trade shall coordinate with the Ministry of Planning and Investment to guide the implementation of this Article.

Article 36. Management Office

1. The operator must establish a management office in Vietnam within ninety (90) days or another agreed period from the date the investment registration certificate or amended investment registration certificate becomes effective, at the discretion of the Vietnam Oil and Gas Group and the contractor. The management office shall exercise rights and obligations within the scope of authority, management agreement, and relevant laws. The operator may use a management office in Vietnam to manage or oversee as a contractor for one or more oil and gas projects in Vietnam (if applicable).

2. Authority and procedures for establishing a management office

a) The operator submits three (3) sets of documents to register the establishment of a management office to the Department of Planning and Investment where the management office will be located.

b) The documents include:

- A registration document for establishing a management office signed by an authorized representative of the operator;

- A certified copy of the investment registration certificate;

- An appointment decision or employment contract for the head of the management office of the operator;

- A certified copy of the identity card or passport of the head of the management office.

c) Within fifteen (15) working days from the date of receipt of complete documents, the Department of Planning and Investment shall examine and issue a registration certificate for establishing a management office.

The duration of operation of the management office shall be based on the validity of the investment registration certificate or amended investment registration certificate, except in cases of extension not exceeding three (3) years.

The Department of Planning and Investment sends a copy of the registration certificate for establishing a management office to the Ministry of Industry and Trade, the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Justice, and the Vietnam Oil and Gas Group.

3. The management office shall have a seal, open bank accounts, recruit employees, sign contracts to implement the oil and gas contract, and conduct other activities in accordance with the law.

4. In cases of ceasing operations of the management office, the operator shall submit three (3) sets of documents to request the cessation of the management office to the Department of Planning and Investment where the management office is located.

a) Documents include:

- A notice of cessation of operations of the management office signed by an authorized representative of the operator;

- A list of employees and their current benefits;

- The seal and sample seal certification (if any);

- A tax authority confirmation letter stating that the management office has fulfilled its tax obligations and closed its tax number;

- The original registration document for establishing a management office.

b) Within ten (10) working days from the date of receipt of complete documents, the Department of Planning and Investment shall examine and issue a notification to remove the name of the management office and send it to the operator, the Ministry of Industry and Trade, the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Justice, the Vietnam Oil and Gas Group, and the tax authority.

5. In cases of changing the address or head of the management office, the operator shall notify the Department of Planning and Investment and carry out procedures to change the address or head of the management office with the tax authority.

6. The management office shall be responsible for fulfilling obligations according to Vietnamese law before ceasing operations.

Article 37. Procedure for reviewing oil and gas contracts and issuing investment registration certificatesnational1. The dossier for reviewing oil and gas contracts includes:

a) The request for review of the oil and gas contract submitted by the Vietnam Oil and Gas Group;

b) The economic and technical explanation prepared by the Vietnam Oil and Gas Group;

c) Certified copies of the business registration certificate for organizations, or identity cards or passports for individual investors participating in the oil and gas contract;

d) Letters of guarantee for the performance of contractual obligations issued by reputable banks worldwide or parent companies of contractors or each contractor in a consortium of contractors, and accepted by the Vietnam Oil and Gas Group;

e) Company bylaws, financial reports (if available), and other relevant legal documents serving as the basis for negotiating the oil and gas contract.

2. The procedure for reviewing and submitting to the Prime Minister for consideration and approval of oil and gas contracts shall be carried out in accordance with Article 81 of this Decree.

3. Based on the Prime Minister's approval of the draft oil and gas contract, the Vietnam Oil and Gas Group and the contractor will proceed to sign the oil and gas contract.

The Vietnam Oil and Gas Group shall submit two (02) original sets and eight (08) sets of copies of the documents to the Ministry of Industry and Trade.

4. Within ten working days from the date of receipt of the original signed oil and gas contract submitted by the Vietnam Oil and Gas Group, the Ministry of Industry and Trade will examine and issue the investment registration certificate.

Article 38. Procedure for reviewing the transfer of rights and obligations in oil and gas contracts and issuing adjusted investment registration certificates

1. The transfer of rights and obligations in oil and gas contracts shall be carried out in accordance with Article 24 of the Petroleum Law and the oil and gas contract. In cases where national security or defense reasons apply, after receiving the contractor's proposal to transfer participation rights in the oil and gas contract, the Vietnam Oil and Gas Group will report to the Ministry of Industry and Trade a list and preliminary assessment of organizations and individuals wishing to take over the transfer.

Within fifteen working days from the date of receipt of the Vietnam Oil and Gas Group's document, the Ministry of Industry and Trade will examine and decide.uted2. The dossier for reviewing the transfer of rights and obligations in oil and gas contracts includes:intention a) The request for review submitted by the Vietnam Oil and Gas Group regarding the transfer of rights and obligations of the oil and gas contractor in the oil and gas contract;

b) Certified copies of the business registration certificate, company bylaws, and the most recent annual financial report for organizations, or identity cards or passports for individual investors taking over participation rights in the oil and gas contract;

c) The contract for transferring rights and obligations in the oil and gas contract, including commitments regarding the performance of related transfer tax obligations of the parties and related financial obligations according to Vietnamese law;

d) Agreement to amend the oil and gas contract;

e) Guarantee for the performance of contractual obligations of the contractor taking over participation rights in the oil and gas contract issued by a reputable bank worldwide or a guarantee from the parent company of the contractor or another form of guarantee as required by the Vietnam Oil and Gas Group;

f) Declaration of transfer tax and explanation of the transfer tax amount by the transferring party;

3. The procedure for reviewing and submitting to the Prime Minister for consideration and approval of the transfer of rights and obligations in oil and gas contracts shall be carried out in accordance with Article 81 of this Decree.

4. Within ten working days from the date of receipt of the Prime Minister's approval opinion on the proposal to transfer rights and obligations in the oil and gas contract, the Ministry of Industry and Trade will examine and issue the adjusted investment registration certificate.

đ) A bank guarantee issued by a reputable international bank or a parent company of the contractor or another form of guarantee as required by Vietnam Oil and Gas Group for the performance of contractual obligations by the contractor who has taken over the rights and interests in the oil and gas contract;

e) Declaration of tax and explanation of transfer tax by the transferring party;

The Vietnam Oil and Gas Group shall submit two (02) original sets and eight (08) sets of copies of the documents to the Ministry of Industry and Trade.

3. The process of reviewing, submitting to the Prime Minister for consideration and approval of the transfer of rights and obligations under the oil and gas contract is carried out according to the provisions of Article 81 of this Decree.

4. Within ten working days from the date of receipt of the Prime Minister's approval for the proposed transfer of rights and obligations under the oil and gas contract, the Ministry of Industry and Trade shall review and issue a certificate of investment registration adjustment.

Article 39. Amendment of Investment Registration Certificate

1. In cases where the contractor carries out mergers, consolidations, divisions, separations, name changes, changes in company nationality, or other forms that result in changes to basic information about the contractor recorded in the investment registration certificate or in the oil and gas contract, except for the cases stipulated in Clause 4 of this Article and Article 40, the contractor must complete procedures to amend the investment registration certificate.

2. Where the changes specified in Clause 1 of this Article generate taxable income, the contractor must declare and pay taxes according to Vietnamese laws and international treaties to which Vietnam is a party.

3. Authority and Procedures for Issuing Amended Investment Registration Certificates

a) Within twelve (12) months from the date of the change as prescribed in Clause 1 of this Article, the contractor shall cooperate with the Vietnam Oil and Gas Group to submit one (01) set of documents to the Ministry of Industry and Trade for examination and issuance of the amended investment registration certificate.

b) The application dossier for amending the investment registration certificate includes:

- A request letter for issuing the amended investment registration certificate (stating the reasons) from the Vietnam Oil and Gas Group and the contractor;

- Original documents or certified copies issued by competent authorities confirming the legal changes related to the contractor;

- An agreement to amend the oil and gas contract;

- A tax declaration form and explanation of the tax payable (applicable in the case stipulated in Clause 2 of this Article).

c) Within fifteen (15) working days from the date of receipt of the complete application dossier for issuing the amended investment registration certificate, the Ministry of Industry and Trade will review and issue the amended investment registration certificate.

4. Within three (03) months from the date the contractor changes its address or legal representative, the contractor must send a notification letter to the Ministry of Industry and Trade, the Vietnam Oil and Gas Group, and relevant contractors in the oil and gas contract.

Within fifteen (15) working days from the date of receipt of the notification letter regarding the change of address or legal representative, the Ministry of Industry and Trade will examine and issue a document recording the contractor's change.

Article 40. Change of Ownership of Contractors Holding Rights to Participate in Oil and Gas Contracts in VietnamDeputy ministers of ministerial-level agencies, "7. A flexible power plant is a thermal power plant using reciprocating internal combustion engines (RICE) or aeroderivative gas turbines (Aero-GT) with fast start-up capabilities, designed in modular form to generate electricity for balancing capacity and maintaining power system stability."in ution held by the contractornational1. Within six (06) months from the date of change in ownership of contractors holding rights to participate in oil and gas contracts in Vietnam, the contractor must report to the Ministry of Industry and Trade and the Vietnam Oil and Gas Group on the change in ownership.

The reporting dossier includes:

a) A summary report on the change in ownership of the contractor;

b) A certification document on the change in ownership of the contractor;

c) If the parent company of the contractor has provided a performance guarantee for the contractor’s oil and gas contract, the contractor must provide a new performance guarantee from the new owner for the contractor and it must be approved by the Vietnam Oil and Gas Group.

2. Where the change in ownership of contractors holding rights to participate in oil and gas contracts in Vietnam generates taxable income, the contractor must declare and pay taxes on behalf of the owner for the generated income related to the oil and gas contract in Vietnam according to Vietnamese laws and international treaties to which Vietnam is a party.

Article 41. Termination of Participation Rights in Oil and Gas Contracts for Contractors Violating Contractual Obligations

Articleonu 41. Chof the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs1. Contractors participating in oil and gas contracts may have their participation rights terminated if they seriously violate fundamental obligations as stipulated in the oil and gas contract and the general management agreement (if any).

2. Within three (03) months from the date the contractor's participation rights in the oil and gas contract are terminated according to the oil and gas contract and the general management agreement (if any), the remaining contractors in the oil and gas contract agree to take over the participation share of the terminated contractor corresponding to the participation ratio or through separate agreements coordinated with the Vietnam Oil and Gas Group to complete the agreement on receiving participation rights and submit it to the Ministry of Industry and Trade for review in accordance with Article 81 of this Decree to be submitted to the Prime Minister for consideration and approval.

3. Where the remaining contractors in the oil and gas contract or no third party accepts the participation rights of the terminated contractor, the oil and gas contract will become invalid, and the remaining contractors participating in the oil and gas contract must terminate the oil and gas contract in accordance with the provisions of the contract, this Decree, and relevant laws.

3. If the remaining contractors in the oil and gas contract or there is no third party to take over the participation rights of the terminated contractor, the oil and gas contract will become void, and the remaining contractors participating in the contract must terminate the oil and gas contract in accordance with the contract, this Decree, and relevant laws.

Article 42. Termination of Oil and Gas Contracts Due to Serious Breach by Contractor

In cases where the contractor seriously breaches the basic obligations stipulated in the oil and gas contract, the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade for examination and submit to the Prime Minister for decision.

Article 43. Termination of Oil and Gas Contracts

1. The circumstances under which oil and gas contracts may be terminated include:

a) The expiration of the term of the oil and gas contract without approval for extension by the Prime Minister;

b) The termination of the oil and gas contract by the contractor in accordance with the provisions of the oil and gas contract;

c) The case provided for in Clause 3, Article 41 of this Decree;

d) The termination of the oil and gas contract as provided for in Article 42 of this Decree;

đ) The termination of the oil and gas contract by mutual agreement between the Vietnam Oil and Gas Group and the contractor (if applicable).

2. In the event of termination of the oil and gas contract as provided for in Points a, b, c, and đ of Clause 1 of this Article, the contractor must perform the following tasks:

a) Within six (06) months from the date of the end or termination of the oil and gas contract, the contractor must complete all obligations as prescribed in the oil and gas contract and obtain a confirmation letter from the Vietnam Oil and Gas Group regarding the completion of these obligations;

b) The Vietnam Oil and Gas Group and the contractor shall submit one (01) original set and two (02) sets of copies of the documents concerning the termination of the oil and gas contract to the Ministry of Industry and Trade.

In cases of refusal, the State Bank will issue a document refusing approval to use foreign currency within the territory and clearly state the reasons.

- A request for termination of the oil and gas contract from the Vietnam Oil and Gas Group and the contractor;

- A commitment from the contractor or each member of the consortium or parent company of the contractor that any obligations that may arise according to the contract but have not yet been performed will be fulfilled within twenty-four (24) months from the date the Ministry of Industry and Trade issues the decision to terminate the oil and gas contract.

c) Within fifteen (15) working days from the date of receipt of the complete application for termination of the oil and gas contract, the Ministry of Industry and Trade shall examine and approve the termination of the oil and gas contract;

d) Within fifteen (15) working days from the date the Ministry of Industry and Trade approves the termination of the oil and gas contract, the contractor must return to the Ministry of Industry and Trade the original investment registration certificates and amended investment registration certificates (if any);

đ) After receiving the approval letter for the termination of the oil and gas contract from the Ministry of Industry and Trade, the contractor has the responsibility to complete all related tasks concerning tax obligations, labor, wages, termination of the management office (if any), joint operating company (if any), and other obligations as prescribed by law.

Chapter IV

IMPLEMENTATION OF OIL AND GAS ACTIVITIES

Article 44. Annual Work Programs and Budgets

The contractor must establish annual work programs and budgets for each phase consistent with the commitments made in the oil and gas contract regarding timeframes, content of work, finance, human resource utilization plans, and submit them to the Vietnam Oil and Gas Group for approval in accordance with the provisions of the oil and gas contract.

Article 45. Technical Standards and Regulations Applied

1. The contractor must apply Vietnamese technical standards and regulations, and internationally recognized technical standards applied in Vietnam regarding safety, environmental protection, technology, and related processes.

2. In cases where there are no Vietnamese technical standards and regulations, or internationally recognized technical standards applied in Vietnam regarding safety, environmental protection, technology, and related processes, organizations and individuals conducting oil and gas activities may apply internationally accepted oil industry practices.

Article 46. Requirements for environmental protectioni case

Organizations and individuals conducting petroleum activities must carry out tasks related to environmental protection as follows:

1. Implement the environmental management and monitoring program, implement the environmental protection plan for exploration and exploitation activities, and take preventive and response measures for environmental incidents in accordance with Vietnamese laws on environmental protection and international treaties to which Vietnam is a party.

2. Minimize impacts that affect or lead to negative consequences for the environment such as soil, water, forest, air pollution, harm to flora and fauna, disruption of ecological balance, or adverse effects on living environments.

3. Prepare, submit for review and approval an environmental impact assessment report in accordance with Vietnamese laws on environmental protection.

4. Comply with regulations stipulated by Vietnamese laws on environmental protection.

Article 47. Requirements for petroleum safety

Organizations and individuals conducting exploration and exploitation of petroleum must carry out safety work as follows:

1. Establish safe zones and maintain safety signals for petroleum facilities and machinery as follows:

a) The minimum safe zone distance for offshore petroleum facilities is five hundred meters (500 m) from the outermost edge of the facility in all directions or from the anchoring position for floating and mobile facilities, except in special cases decided by the Prime Minister;

b) Within two (02) nautical miles from the outermost edge of the petroleum facility (including underwater structures), vessels and other means of transport shall not anchor or conduct underwater operations. In the safe zone, unauthorized persons may not enter unless approved by the contractor or decided by the Prime Minister;

c) Safe zones around equipment and facilities serving exploration and exploitation of petroleum on land are defined by the Ministry of Industry and Trade, depending on geographical and social conditions where petroleum activities are carried out.

2. Do not construct facilities, anchor floating means, nor establish safety zones around facilities and means in places where they could obstruct essential maritime routes recognized as vital for international shipping, and comply with regulations on port management and maritime channels.

3. Before commencing exploration and exploitation of petroleum, the contractor must develop and submit to the competent state management agency for approval according to the law the following documents:

a) Prior to implementing on-site petroleum exploration activities

- Safety management program and risk assessment including measures to prevent incidents and minimize damage;

- Emergency response plan for incidents including technical measures and the use of means and equipment to address incidents.

b) Prior to developing a petroleum field

- Environmental impact assessment report;

- Safety management program and risk assessment including measures to prevent incidents and minimize damage;

- Emergency response plan for incidents including technical measures and the use of means and equipment to address incidents.

4. Establish a safety management system and implement safety measures according to the approved safety management program.

5. Update data and complete reports on risk assessments and implementation of emergency response plans as required by law.

6. Fully record incidents and accidents that occur.

7. Immediately notify and apply remedial measures in case of accidents or incidents as prescribed by law.

8. Apply measures to ensure labor safety and fire prevention and control in accordance with the law.

Article 48. Liability for compensationiOrganisations and individuals conducting petroleum activities shall be liable under the law for damages to persons, property, and the environment, including the cleaning and restoration of the environmental status caused by petroleum activities.

Organizations and individuals conducting petroleum activities are liable under the law for damages to persons, property, and the environment, including the cleanup and restoration of the environmental status caused by petroleum activities.

Article 49. Requirements for conservationi Organisations and individuals conducting petroleum activities must comply with regulations on the conservation of natural resources, petroleum resources, and petroleum exploitation.êFor power plants invested under the Build-Operate-Transfer (BOT) model, n is determined according to the operational period of the power plant stipulated in the BOT contract.

Organizations and individuals conducting petroleum activities must comply with regulations on the conservation of natural resources, petroleum resources, and petroleum exploitation.

Article 50. Provisions on geophysical explorationy When conducting geophysical exploration (gravity, magnetic, electrical, seismic, and other similar or related activities), in addition to complying with Vietnamese law, organisations and individuals must implement the following provisions:

1. Notify the competent authority and the People's Committee of the province or centrally governed city of the area and time of geophysical exploration to promptly inform the owners of vessels and ships passing through the deployment area at sea.

2. Notify the People's Committee of the province or centrally governed city, the People's Committee of the commune, and the people in the area where land-based geophysical exploration is being conducted about the safe area and establish safe zones for geophysical exploration areas and points.

3. In cases involving secrecy, security, sovereignty, and sovereign rights, organisations and individuals conducting geophysical exploration must follow the decision of the competent authority.

4. Guide the owners of vessels and ships and the people to comply with safety regulations during geophysical exploration.

5. Conduct geophysical exploration according to the plan, area, and network approved by the Vietnam Oil and Gas Group.

6. All materials obtained during geophysical exploration must be submitted to the Vietnam Oil and Gas Group for storage, preservation, and use.

7. The contractor is permitted to use the obtained materials to serve petroleum activities.

7. Contractors are permitted to use obtained materials to serve petroleum activities.

Article 51. Provisions during drilling

During drilling, organisations and individuals must implement the following provisions:

1. Drill according to the design or modified design that has been approved.

2. Not drill outside the area specified in the petroleum contract unless the participating contractor of the adjacent block and the Vietnam Oil and Gas Group approve.

3. Retain all materials and samples obtained during drilling and submit them to the Vietnam Oil and Gas Group in accordance with this Decree and the petroleum contract.

4. Promptly notify the Vietnam Oil and Gas Group of any other resources discovered during drilling.

5. Implement environmental protection measures during drilling.

6. Comply with other relevant legal regulations.

Article 52. Provisions on petroleum exploitation

Article 52. Provisions on petroleum exploitation

Organisations and individuals conducting petroleum exploitation must comply with regulations on the exploitation of petroleum resources; implement the approved content of the oil field development plan or early development plan; apply advanced technical measures and equipment to optimally recover petroleum without causing harm to the subsurface, ecological environment, and mine safety.

The Government of Vietnam has the right to use facilities, equipment, and means serving petroleum activities, including pipelines and storage tanks managed and used by the contractor, provided that it does not hinder petroleum activities and does not increase costs for the contractor or the Government pays the additional costs incurred by using facilities, equipment, and means serving petroleum activities.

Article 54. Oil and Gas Insurance

1. Organizations and individuals conducting oil and gas activities must purchase insurance for construction works, equipment, and means of service for oil and gas activities, environmental damage liability insurance, third-party civil liability insurance, human insurance, and other insurances as prescribed by Vietnamese laws and internationally accepted oil and gas industry practices.

2. It is encouraged to purchase insurance from insurance companies with capacity and experience in oil and gas insurance operating in Vietnam in accordance with the Law on Insurance Business and international treaties to which Vietnam is a member.

Article 55. Provision of InformationiFor power plants invested under the Build-Operate-Transfer (BOT) model, n is determined according to the operational period of the power plant stipulated in the BOT contract.

1. Contractors must provide complete information, data, and reports on oil and gas activities as prescribed by law.

2. State management agencies with competent authority may request contractors to provide information and reports when necessary, in accordance with their state management functions as prescribed by law.

Article 56. Confidentiality of Information

1. Reports and information on national maritime and island security or other reports and information must be kept confidential as prescribed by law and oil and gas contracts.

2. Organizations and individuals conducting oil and gas activities are entitled to use and must retain original documents, samples, and reports in Vietnam; they are permitted to temporarily export and re-import these documents and samples for research and evaluation in accordance with the law and oil and gas contracts.

Article 57. Provision of Oil and Gas Services, Procurement of Goods, and Selection of Contractors

1. Organizations and individuals conducting oil and gas activities have the right to conclude contracts for the provision of oil and gas services and procurement of goods with subcontractors or other organizations and individuals to serve oil and gas activities.

2. The conclusion of contracts for the provision of oil and gas services and procurement of goods directly related to oil and gas activities shall be carried out in accordance with the provisions of oil and gas contracts and the following principles:

a) Ensuring the investment efficiency of the project, transparency and fairness in the process of selecting contractors and concluding contracts;

b) Suitability with the characteristics of the oil and gas industry in exploration, development, and exploitation of oil and gas fields;

c) Utilizing oil and gas services and goods that Vietnamese organizations and individuals can provide based on the principle of ensuring competition in price, quality, and progress.

Article 58. Labor ConditionsNo.With Workers

Contractors must ensure all rights of workers, establish labor regulations, salary scales, remuneration systems, allowances, and other regulations in accordance with labor laws and internationally accepted oil and gas industry practices.

Article 59. Recruitment and Signing of Employment Contracts

1. Foreign organizations and individuals conducting exploration, development, and exploitation of oil and gas fields must prioritize the employment of Vietnamese workers; they may recruit foreign workers to work in Vietnam in accordance with labor laws and must have plans to train and recruit Vietnamese workers to replace foreign workers.

2. Foreign organizations and individuals conducting oil and gas activities may directly select and sign employment contracts in accordance with the law.

3. Contractors must prepare staffing tables, annual recruitment plans, and annual training plans.

Article 60. Provisions on opening foreign currency accounts and purchasing foreign currenciesy etermination on opening tài uction and purchasing foreigni currency

1. Contractors and operators who are foreign organizations or individuals have the right to open foreign currency accounts; purchase foreign currencies to meet current transactions and other permitted transactions; retain abroad or transfer out of Vietnam revenues in foreign currencies from the sale of oil and gas assets owned by the contractor, profits, and other lawful incomes obtained during the implementation of oil and gas activities according to the provisions of the oil and gas contract and laws on foreign exchange management.

2. Contractors and operators may enter into foreign currency derivative contracts with authorized credit institutions to hedge against exchange rate risks.

Article 61. Support for foreign exchange balancenational balance of foreign currency

1. Based on foreign exchange management policies and the ability to balance foreign exchange in each period, the Prime Minister shall consider and decide on providing support for balancing foreign exchange for contractors' oil and gas activities for the amount of foreign currency shortfall after the contractors and operators have purchased from authorized credit institutions and branches of foreign banks operating foreign exchange business in Vietnam but not exceeding the amount of Vietnamese dong that the contractor has earned from oil and gas activities in Vietnam or from selling oil and gas assets owned by the contractor in the Vietnamese market after deducting financial obligations and operational costs in Vietnamese dong.

2. The conversion of Vietnamese dong to freely convertible foreign currencies shall be carried out at the selling exchange rate published by authorized credit institutions at the time of conversion.

Article 62. Obligation to sell crude oil and natural gas in the Vietnamese marketien at the Vietnamese market

1. Obligation to sell crude oil in the Vietnamese market

a) At the request of the Government of Vietnam, the contractor has the obligation to sell part or all of the crude oil owned by the contractor in the Vietnamese market;

b) The portion of crude oil requested by the Government of Vietnam for each contractor to sell in the Vietnamese market shall be determined based on the percentage ratio between the crude oil owned by that contractor and the total crude oil owned by all contractors exploiting oil and gas in Vietnam;

c) The price at which crude oil is sold at the request of the Government of Vietnam shall be the competitive international selling price.

2. Obligation to sell natural gas in the Vietnamese market

At the request of the Government of Vietnam, the contractor has the obligation to sell part or all of the natural gas owned by the contractor based on agreements in gas development and exploitation projects.

3. The Government will compensate the direct and reasonable costs borne by the contractor when violating contracts signed with third parties to fulfill the Government's requests under Clause 1 and Clause 2 of this Article. The contractor is obligated to provide full evidence related to the compensation claim. In any case, the compensation value shall not exceed the penalty amount due to contract breach (if any) that the contractor must bear with the third party.

Chapter V

RESERVES AND FIELD DEVELOPMENT

Article 63. Activities after discovering oil and gas

1. Within sixty (60) days from the date of oil and gas discovery, the contractor must notify the Ministry of Industry and Trade and the Vietnam Oil and Gas Group about the discovery.

Within one hundred thirty (130) days after such notification, the contractor must submit to the Vietnam Oil and Gas Group an appraisal plan (if any) for approval. The Vietnam Oil and Gas Group shall examine and approve the aforementioned appraisal plan within thirty (30) days from receiving the contractor's appraisal plan.

2. Within ninety (90) days or another period approved by the Ministry of Industry and Trade from the completion of the aforementioned appraisal plan, the contractor must report an integrated assessment of the oil and gas reserves at the discovered location to the Ministry of Industry and Trade and the Vietnam Oil and Gas Group.

3. If the appraisal results show that the discovery is commercially viable, the contractor shall notify the Ministry of Industry and Trade and the Vietnam Oil and Gas Group in writing about the commercial discovery declaration.

Article 64. Procedure for submission, examination and approval of oil and gas reserve reportscouncillORS1. Within ninety (90) days from the date of announcement of commercial discovery, the contractor and Vietnam Oil and Gas Group shall submit to the Ministry of Industry and Trade and the Reserve Examination Council the dossier on the oil and gas reserve report. l2. The dossier on the oil and gas reserve report includes:

a) Documents submitting the oil and gas reserve report of Vietnam Oil and Gas Group and the contractor;

b) The reserve report containing contents as prescribed by law (two sets);

c) Summary of the reserve report in Vietnamese and the language of the oil and gas contract (twenty-five copies).

3. Within thirty (30) days from receipt of the complete dossier, the Ministry of Industry and Trade and the Reserve Examination Council shall organize the examination, submit to the Prime Minister for consideration and approval of the oil and gas reserve report.

The establishment and operational regulations of the Reserve Examination Council shall be decided by the Prime Minister.

d) Other related documents.

Article 65. Recalculation of oil and gas reserves

During the exploration, supplementary assessment, development and exploitation of oil and gas, if there is a change in oil and gas reserves, the contractor must register to adjust the reserves with Vietnam Oil and Gas Group. In case the change in oil and gas reserves exceeds fifteen percent (15%) compared to the most recent approval, the contractor must prepare a recalculation report on oil and gas reserves and submit it for approval in accordance with Article 64 of this Decree and relevant legal documents.

Article 66. Discovery of oil and gas with commercial potential exceeding the contract area

1. In cases where the discovery of oil and gas with commercial potential extends beyond the contract area into an uncontracted block area, the contractor and Vietnam Oil and Gas Group shall issue a document clearly stating the reasons for requesting an expansion of the contract area, to be reported to the Ministry of Industry and Trade for examination and submitted to the Prime Minister for consideration and decision.

3. Amend Clause 3 Article 2 as follows:a) The specialized department as stipulated in Clause 2, Article 14 of Decree No. 127/2007/NĐ-CP dated August 1, 2007, issued by the Government detailing a number of articles of the Law on Standards and Technical Regulations; 2. The examination process and submission to the Prime Minister for consideration and decision regarding the expansion of the contract area due to the discovery of oil and gas with commercial potential extending beyond the contract area shall be carried out in accordance with the provisions of Article 81 of this Decree."b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation." Article 67. Consolidation of fields or joint development1. In cases of field consolidation or joint development: a) In cases where the discovery of oil and gas with commercial potential in the contract area extends into one or more other contracted blocks, Vietnam Oil and Gas Group and contractors in the related contract areas have the responsibility to negotiate and reach an agreement on field consolidation for joint assessment and development of that discovery (if the assessment results show a commercial discovery);ib) For fields with marginal oil and gas reserves or adjacent oil and gas blocks, or fields that are economically inefficient when developed independently and joint development would be more effective, contractors need to agree on joint development of these fields or discoveries.

2. The time limit for completing agreements on field consolidation or joint development for Vietnam Oil and Gas Group and the contractor to submit to the Prime Minister for consideration and approval shall not exceed eighteen (18) months or another period approved by the Ministry of Industry and Trade from the date the reserve evaluation report of the related discovery was approved by the Prime Minister. Oil and gas activities in the consolidated area shall be regulated by the consolidation agreement and corresponding contracts.

3. In cases where contractors participating in oil and gas contracts or contractors participating in nearby contracts cannot reach an agreement on a field consolidation or joint development agreement, leading to economic inefficiency and non-approval of the field development plan by the competent authority, contractors must return that area as an area without a commercial discovery.

4. Examination procedure and submission to the Prime Minister regarding field consolidation or joint development

a) Vietnam Oil and Gas Group and the contractor shall submit to the Ministry of Industry and Trade two (2) original dossiers and eight (8) sets of copies on field consolidation or joint development.

- Document proposing field consolidation or joint development by the contractor and Vietnam Oil and Gas Group;

- Agreement on field consolidation or joint development;

- Other related documents (if any).

b) The examination process and submission to the Prime Minister for consideration and decision on field consolidation or joint development shall be carried out in accordance with the provisions of Article 81 of this Decree.

5. In cases where the discovery of oil and gas with commercial potential in the contract area extends into an adjacent block managed by another country, the contractor shall cooperate with Vietnam Oil and Gas Group to issue a document to the Ministry of Industry and Trade detailing the reasons and handling plan.

Within forty-five (45) days from the date of receipt of the document, the Ministry of Industry and Trade shall take the lead and coordinate with relevant ministries and sectors to develop a plan and report to the Prime Minister for consideration and decision.

In cases of refusal, the State Bank will issue a document refusing approval to use foreign currency within the territory and clearly state the reasons.

- Document proposing the merger or joint development of fields by the contractor and Vietnam Oil and Gas Group;

- Agreement on the merger or joint development of fields;

- Other relevant documents (if any).

b) The process of reviewing, submitting to the Prime Minister for consideration and decision on the merger or joint development of fields is carried out according to the provisions of Article 81 of this Decree.

5. In case oil and gas with commercial potential is discovered in the contract area extending into an adjacent block managed by another country, the contractor shall cooperate with Vietnam Oil and Gas Group to submit a document to the Ministry of Industry and Trade detailing the reasons and handling plan.

Within forty-five days from the date of receipt of the document, the Ministry of Industry and Trade shall lead and coordinate with relevant ministries and agencies to develop a plan and report to the Prime Minister for consideration and decision.

Article 68. Procedure for submission, review, and approval of the general development plan for the oil field

1. Within eight (08) months or another period approved by the Ministry of Industry and Trade from the date the report on oil and gas reserves is approved, the contractor together with the Vietnam Oil and Gas Group shall submit to the Ministry of Industry and Trade the general development plan for the oil field.

2. The dossier for submitting the general development plan for the oil field includes:

a) The document proposing the general development plan for the oil field by the contractor and the Vietnam Oil and Gas Group;

b) The general development plan for the oil field (two copies);

c) A summary of the general development plan for the oil field in Vietnamese and the language of the contract (twenty-five copies).

d) Other related documents.

3. The Ministry of Industry and Trade shall cooperate with relevant ministries and sectors to establish a Review Board for the general development plan for the oil field.

Within thirty days from the date of receiving all necessary documents, the Ministry of Industry and Trade shall organize the review and approve the general development plan for the oil field.

4. In case of necessity, the contractor may submit an adjusted general development plan for the oil field. The procedure for submission and approval of the adjusted general development plan for the oil field shall be carried out according to the provisions of this Article.

5. The Ministry of Industry and Trade shall provide detailed guidance on implementing this Article.

Article 69. Procedure Installationfor review and approval of early production plan

1. The contractor shall propose an early production plan in the following cases:

a) Existing information does not allow determining a reasonable exploitation scheme according to internationally accepted oil and gas practices, requiring additional data collection based on actual exploitation dynamics of the oil field, reservoirs, and strata;

b) The ratio of proven reserves P1/2P is not less than forty percent (40%), except in special cases decided by the Ministry of Industry and Trade.

2. Authority and procedures for approving the early production plan

a) Within twelve (12) months from the date the general development plan for the oil field is approved, the contractor shall prepare an early production plan and together with the Vietnam Oil and Gas Group submit it to the Ministry of Industry and Trade for consideration and approval.

b) The dossier for submitting the early production plan includes:

- The document proposing the early production plan by the Vietnam Oil and Gas Group and the contractor;

- The early production plan including contents as prescribed by law (two copies);

- A summary of the early production plan in Vietnamese and the language of the oil and gas contract (twenty-five copies).

- Other related documents.

3. The Ministry of Industry and Trade shall cooperate with relevant ministries and sectors to establish a Review Board for the early production plan.

Within thirty days from the date of receiving all necessary documents, the Ministry of Industry and Trade shall organize the review and approve the early production plan.

4. The contractor shall send the Vietnam Oil and Gas Group the annual work program as stipulated in the oil and gas contract to implement the tasks in the approved early production plan.

5. Quarterly, the contractor shall report to the Ministry of Industry and Trade and the Vietnam Oil and Gas Group on the implementation of tasks in the early production plan, along with related documents.

6. Upon completion of the early production plan, the contractor must submit to the Ministry of Industry and Trade and the Vietnam Oil and Gas Group the following reports:

a) An assessment of the results of implementing the early production plan and an updated exploitation model together with data and analytical evidence;

b) Conclusions regarding the applicability of the test layout for full-field exploitation.

7. The contractor must ensure that the implementation of the early production plan does not harm the efficiency of oil and gas recovery when developing the entire field.

8. The duration of early production shall not exceed three (03) years from the date of the first commercial product flow, except in cases where the Ministry of Industry and Trade considers extending the early production period appropriately based on the implementation of the early production plan proposed by the Vietnam Oil and Gas Group and the contractor.

9. Six (06) months before the expiration of the above period, the contractor shall prepare and together with the Vietnam Oil and Gas Group submit the oil field development plan as prescribed by this Decree.

10. The Ministry of Industry and Trade shall provide detailed guidance on implementing this Article.

Article 70. Procedure, review, and approval of the development plan for oil and gas fields

1. The development plan for oil and gas fields shall be established based on the approved general development plan for oil and gas fields or the results of the early production plan to achieve effective development and exploitation of oil and gas.

2. Within eighteen (18) months from the date of approval of the general plan or six (06) months before the end of the early production plan, the contractor together with the Vietnam Oil and Gas Group shall report to the Ministry of Industry and Trade and the Review Board for the Development Plan of Oil and Gas Fields to organize the review and submit to the Prime Minister for consideration and approval.

3. The documents submitted for the development plan include:

a) The document presenting the development plan for oil and gas fields by the Vietnam Oil and Gas Group and the contractor;

b) The development plan including contents as prescribed by law (two sets);

c) A summary of the development plan in Vietnamese and the language of the oil and gas contract (twenty-five copies).

d) Other related documents.

4. Within thirty (30) days from receiving all documents, the Ministry of Industry and Trade and the Review Board for the Development Plan of Oil and Gas Fields shall review and submit to the Prime Minister for consideration and approval.

The establishment and operational regulations of the Review Board for the Development Plan of Oil and Gas Fields shall be decided by the Prime Minister.

Article 71. Implementation of the development plan for oil and gas fields

1. The contractor shall present to the Vietnam Oil and Gas Group the annual work program according to the provisions of the oil and gas contract to implement the items of work in the approved development plan.

2. Quarterly, the contractor shall report to the Ministry of Industry and Trade and the Vietnam Oil and Gas Group on the implementation plan for the items of work in the development plan for oil and gas fields and related documents.

3. During the development of the field, if additional drilling is required outside the approved development plan for oil and gas, the contractor together with the Vietnam Oil and Gas Group shall submit to the Ministry of Industry and Trade for consideration and decision.

Within fifteen (15) working days from receipt of the aforementioned document, the Ministry of Industry and Trade shall consider and respond to the contractor and the Vietnam Oil and Gas Group.

4. After the development plan for oil and gas fields has been approved, if the contractor does not proceed with the development and exploitation of oil and gas according to the time limit specified in the approval document, the Ministry of Industry and Trade may revoke the field.

5. The Ministry of Industry and Trade shall provide detailed guidance on implementing this Article.

Article 72. Amendment and supplementation of the early production plan and the development plan for oil and gas fieldsiển mỏ

1. The contractor shall carry out procedures to amend and supplement the approved early production plan and development plan for oil and gas fields in any of the following cases:

a) Changing the investment level by more than ten percent compared to the approved total investment; changing or adding new basic equipment items of the field; implementing at the seam or field a testing or production program different from the approved development plan for oil and gas fields or the early production plan;

b) Production activities or new geological information indicate that it is necessary to change the development and production scheme to achieve the highest overall efficiency;

c) Increasing the recovery factor through the application of new methods or technologies to achieve higher economic efficiency.

2. Within six (06) months or another period agreed upon by the Ministry of Industry and Trade from the date of change as stipulated in Clause 1 of this Article, the contractor shall prepare and together with the Vietnam Oil and Gas Group submit to the Ministry of Industry and Trade and the Review Board for the Development Plan of Oil and Gas Fields (applicable for the adjusted development plan) the early production plan and the development plan for oil and gas fields.

The procedure for submitting, reviewing, and approving amendments and supplements to the early production plan and the development plan for oil and gas fields is similar to the procedure for approving the initial early production plan and development plan for oil and gas fields as prescribed in this Decree.

3. During the development and exploitation of the field, if additional potential reserves are confirmed, the contractor shall prepare an additional development plan for these areas and together with the Vietnam Oil and Gas Group submit to the Ministry of Industry and Trade for consideration and approval (applicable for the early production plan) or report to the Ministry of Industry and Trade and the State Review Board for the Development Plan of Oil and Gas Fields to organize the review and submit to the Prime Minister for approval (applicable for the development plan) as prescribed in this Decree.

Article 73. Utilization of Associated Gas

1. The Contractor may utilize associated gas extracted within the Contract Area for oil and gas operations at the field or reinjection into the reservoir.

2. In cases where associated gas is utilized for commercial purposes, the Contractor shall be obligated to fulfill tax payment obligations and allocate gas proportions according to the provisions of the Petroleum Contract and relevant laws.

3. The Government of Vietnam has the right to use associated gas that the Contractor intends to flare without payment if such use does not hinder oil and gas activities and the Contractor must facilitate the implementation of this action smoothly.

Article 74. Utilization of Oil and Gas for Exploration Activitiesi During the exploitation of oil and gas, the Contractor may utilize oil and gas extracted from the Contract Area to serve exploration activities within necessary limits, consistent with internationally accepted petroleum industry practices.

Article 75. Flaring and Discharging of Gas

1. Except in cases where flaring of associated gas is approved by the Ministry of Industry and Trade, the Contractor is responsible for collecting associated gas during oil and gas exploitation. The Contractor must develop a plan for collecting associated gas and include it in the early development plan or field development plan.

2. The Contractor may only flare and discharge gas under the following circumstances:

a) During well testing with flow rates and volumes not exceeding those necessary to clean and maintain the well;

b) Flaring excess gas obtained from the processing system that cannot be economically collected and flaring does not pose safety risks; flaring in emergency situations such as compressor or other equipment failure but not exceeding 48 hours; flaring during regular maintenance, inspection, and testing;

c) In emergencies, the Contractor may temporarily discharge gas if it cannot be flared, but not exceeding 24 hours and must pass through safety valves, implementing safety measures for personnel, equipment, and facilities operating at the field;

d) Flaring gas for well testing or post-completion, repair, or well treatment processes expected to last more than 48 hours, approved by PetroVietnam;

đ) Flaring or discharging gas from wells to relieve pressure.

3. For cases not covered by Clause 2 of this Article, the Contractor and PetroVietnam must submit to the Ministry of Industry and Trade for review and approval within 15 working days from receipt of the document.

Article 76. Periodic Reporting

During the exploitation of oil and gas, the Contractor must submit quarterly and annual reports to the Ministry of Industry and Trade and PetroVietnam on production volume; composition and proportion of oil and gas extracted from each field and each exploitation target; volume of oil and gas used for exploration and exploitation, volume of oil and gas lost or flared; cumulative investment for each field; recovery of costs already incurred for each field and each Contractor.

CLEANUP OF FIXED FACILITIES, EQUIPMENT AND MEANS SERVING OIL AND GAS ACTIVITIES

Chapter VI

Article 77. Obligation to Clean Up the Field

1. The Contractor is obligated to clean up the field in accordance with this Decree and related legal documents.

2. The Contractor must prepare a cleanup plan and establish a cleanup fund for fixed facilities, equipment, and means serving oil and gas activities as prescribed by law, and submit it to the Ministry of Industry and Trade for review and approval.

3. The Contractor is responsible for cleaning up the field according to the plan approved by the Ministry of Industry and Trade. Upon request of organizations or individuals and with the approval of the Ministry of Industry and Trade, or at the request of the Ministry of Industry and Trade, organizations or individuals may not clean up all or part of the fixed facilities, equipment, and means serving oil and gas activities.

4. During oil and gas operations, organizations or individuals must immediately clean up parts or all of the fixed facilities, equipment, and means that are severely damaged or seriously deteriorated, affecting the safety and efficiency of oil and gas operations.

5. Cleanup of the field must meet requirements for land protection, ecological environment restoration, traffic safety, and other marine resources.

6. Conduct environmental monitoring and geological stability monitoring of wells.

7. Cleanup costs are included in recoverable oil and gas costs.

7. Field abandonment costs are included in recoverable petroleum costs.

Article 78. Mine Decommissioning Fund

1. The financial obligation guarantee for mine decommissioning must be implemented through the establishment of a fund.

2. For the financial obligation guarantee for mine decommissioning as stipulated in this Article, if oil and gas contracts already signed contain different agreements on decommissioning obligation guarantee measures compared to the provisions of this Decree, the contractor shall implement according to the agreement in those oil and gas contracts.

3. Within one (01) year from the first day of commercial exploitation, organizations and individuals must establish a mine decommissioning fund.

4. The mine decommissioning fund shall be established annually. The level of fund contribution of each organization and individual corresponds to their participation ratio in the oil and gas contract and is included in the recovery costs.

5. The proceeds from the liquidation of fixed assets, equipment, and means serving oil and gas activities obtained during the decommissioning process shall be handled as follows:

a) In cases where fixed assets, equipment, and means serving oil and gas activities have already been recovered in terms of costs, the proceeds from the liquidation obtained during the mine decommissioning belong to the State of Vietnam according to the provisions of the oil and gas contract;

b) In cases where fixed assets, equipment, and means serving oil and gas activities have not yet been recovered in terms of costs, the proceeds from the liquidation obtained during the mine decommissioning belong to the contractor.

Article 79. Adjustment and Settlement of the Mine Decommissioning Fund

1. Within one (01) year before the end of the oil and gas contract or the end of the exploitation period specified in the early development plan or the approved field development plan, the contractor must reassess the mine decommissioning fund based on the reassessment of total decommissioning costs and production within the scope of the oil and gas contract and recoverable reserves at that time.

2. If the balance of the mine decommissioning fund does not meet the necessary requirements for mine decommissioning, each contractor must contribute additional funds to the fund according to their participation interest ratio in the oil and gas contract within six (06) months before the end of the oil and gas contract or the end of the exploitation period.

3. If the balance of the mine decommissioning fund exceeds the necessary requirements for mine decommissioning, the surplus amount after fulfilling all financial obligations to the State according to the provisions of the oil and gas contract and relevant laws shall be redistributed among the contractors as follows:

a) A portion of the surplus corresponding to the contractor's oil and gas profit share if the surplus has been recovered in terms of costs, and each contractor will benefit from the distribution according to their participation interest ratio in the oil and gas contract;

b) The entire surplus if the surplus has not been recovered in terms of costs, and each contractor will benefit from the distribution according to their participation interest ratio in the oil and gas contract.

Article 80. Management and Use of the Mine Decommissioning Fund

1. The management of the mine decommissioning fund is carried out by the Vietnam Oil and Gas Group.

2. During the period when the mine decommissioning fund is not being used, the Vietnam Oil and Gas Group deposits the fund guarantee money into a separate interest-bearing account at a credit institution in Vietnam with the highest credit rating according to the ranking of the State Bank of Vietnam. The Vietnam Oil and Gas Group is responsible for risks related to the mine decommissioning fund. Interest generated annually after fulfilling financial obligations to the State is added to the mine decommissioning fund.

3. The mine decommissioning fund is used for mine decommissioning purposes. Contractors may use the fund to fulfill decommissioning obligations according to the approved decommissioning plan.

In cases where the contractor cannot implement decommissioning based on the approved decommissioning plan due to the Vietnam Oil and Gas Group's inability to repay the decommissioning fund, the contractor is exempted from decommissioning obligations corresponding to the unrecovered portion, and the Vietnam Oil and Gas Group is responsible for decommissioning the unreclaimed part of the mine.

4. In cases where the contractor is not required to decommission or only partially decommission fixed assets, equipment, and means as stipulated in Clause 3, Article 77 of this Decree, the mine decommissioning fund is still managed by the Vietnam Oil and Gas Group and directly used for decommissioning when the mine ceases operations. In such cases, the Vietnam Oil and Gas Group cooperates with the contractor to determine the decommissioning fund at the time of fund usage acceptance, and the contractor is responsible for contributing any missing fund portion. After this point, the contractor is exempted from obligations for the entire or partial unreclaimed fixed assets, equipment, and means, and any missing fund contributions (if applicable).

Chapter VII

STATE MANAGEMENT OF OIL AND GAS ACTIVITIES

Article 81. Procedure for review and submission of issues within the Prime Minister's decision-making authorityDeputy ministers of ministerial-level agencies,

1. Review through soliciting opinions in writing

a) Within five working days from the date of receiving complete files or request letters, the Ministry of Industry and Trade shall send the file to solicit opinions from relevant ministries and agencies.

b) Within fifteen working days from the date of receiving the request letter attached with the file from the Ministry of Industry and Trade, ministries and agencies shall submit their opinions in writing to the Ministry of Industry and Trade. Beyond this deadline, if the agency does not provide written comments, it will be considered as agreeing with the content of the solicited file.

c) Within forty-five days from the date of receiving complete files or request letters, the Ministry of Industry and Trade shall complete the review process and submit to the Prime Minister for consideration and approval.

2. Review through the Review Board

a) In necessary cases, the Prime Minister decides to instruct the Ministry of Industry and Trade to establish a Review Board to conduct reviews on issues within the Prime Minister's decision-making authority as stipulated in this Decree and report back to the Prime Minister for consideration and decision.

b) The composition of the Review Board includes: the leadership of the Ministry of Industry and Trade as Chairman of the Board and the leadership of related ministries and agencies as members.

c) The Review Board may establish a specialized team to assist in its work. The composition, powers, duties, and operating costs of the specialized team shall be decided by the Chairman of the Review Board.

Article 82. Responsibilities of the Ministry of Industry and Trade

1. The Ministry of Industry and Trade is responsible before the Government for state management over oil and gas activities and implements state management according to the authority prescribed in the Oil Law, this Decree, and other relevant legal documents.

2. The Ministry of Industry and Trade directs and guides the Vietnam Oil and Gas Group to fulfill tasks as stipulated in Articles 5, 11, 14, 17, 19, 22, 23, 24, 26, and other tasks as prescribed in this Decree.

Article 83. Responsibilities of Ministries, Agencies Equivalent to Ministries, and People's Committees of Provinces and Central Citiesiệm of Ministries, ministerial-level agencies, and People's Committees of provinces无效1. The Ministry of Finance shall issue detailed regulations to implement provisions related to taxes as stipulated in this Decree and relevant laws.

2. Ministries and agencies equivalent to ministries shall have the responsibility to carry out state management over oil and gas activities within their assigned tasks and authorities as prescribed by law.

3. People's Committees of provinces and central cities shall have the responsibility to carry out state management over oil and gas activities within their assigned tasks and authorities as prescribed by law.

Article 84. Reporting Obligations of the Vietnam Oil and Gas Group

1. Report to the Ministry of Industry and Trade

a) Annual and long-term plans for oil and gas operations;

b) Quarterly and annual consolidated reports on the implementation and results of oil and gas operations under each oil and gas contract; the situation of development and exploitation of each field within each oil and gas contract;

c) Reports on incidents occurring during oil and gas operations.

2. Report as required by competent state management agencies.

Article 85. Inspection and Supervision of Oil and Gas Activities

1. Organizations and individuals conducting oil and gas activities must be subject to inspection and supervision by competent authorities as prescribed in this Decree and relevant legal documents.

2. Inspections and supervisions of oil and gas activities must be carried out in accordance with the functions, authorities, and legal provisions on inspections and supervisions.

2. The inspection and supervision of petroleum activities must be carried out in accordance with their functions, authorities, and the provisions of laws on inspection and supervision.

Chapter VIII

IMPLEMENTING PROVISIONS

Article 86. This Decree takes effect from December 1, 2015, and replaces Government Decree No. 48/2000/NĐ-CP dated September 12, 2000, detailing the implementation of the Petroleum Law; Government Decree No. 34/2001/NĐ-CP dated July 6, 2001, on the issuance of bidding regulations for oil exploration and production projects; and Government Decree No. 115/2009/NĐ-CP dated December 24, 2009, amending and supplementing certain articles of Government Decree No. 48/2000/NĐ-CP detailing the implementation of the Petroleum Law and the bidding regulations for oil exploration and production projects issued together with Government Decree No. 34/2001/NĐ-CP.ệnto effecitselffor implementation

Article 87. Responsibilities

1. The Ministry of Industry and Trade shall be responsible for guiding and supervising the implementation of this Decree.ệ1. This Circular takes effect from July 8, 2016.

1. The Ministry of Industry and Trade shall be responsible for guiding and monitoring the implementation of this Decree.

2. Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial People's Committees directly under the central government shall be responsible for enforcing this Decree./.