The National Assembly (NA) passed the amended Petroleum Law on Monday to grant the Government additional powers to better manage and utilise Vietnam's petroleum resources.

In the 2011-2015 period, oil and gas search and exploration was vigorously and extensively deployed throughout the entire continental shelf and exclusive economic zone of Vietnam.

Stable cash flow is key to maintaining the Vietnam’s largest refinery - Nghi Son oil refinery’s production, said Egashira Hideaki, Investment Director of Idemitsu Kosan Company in a media briefing in Hanoi last week.

Thai Oil Plc (TOP), Thailand’s the largest oil refining company by capacity, is looking forward to pouring its investment in Vietnam, Indonesia and India, in the fields of oil refinery, lube oil and high-value petrochemical products.

The government is promoting energy self-reliance rapidly as global developments have significantly changed the world’s energy situation, pushing Europe into gas scarcity for this winter.

The Vietnam Oil and Gas Group (PetroVietnam) has proposed to the Government an investment in a refinery and petrochemical complex and a national reserve of crude oil and petroleum products in Long Son Petroleum Industrial Park.

The Dung Quat Refinery accounted for over 30 per cent of Viet Nam's petrol demand since the beginning of the year.

Continuing global conflicts and price rises of various commodities are undermining the development and exploitation of oil and gas fields in Vietnam, and collaborations may continue to struggle if inflation pressures persist.

With a global oil price reaching eye-watering levels, much of Vietnam’s oil and gas potential depends on new-found investments in exploration technology, thus helping boost the country’s state budget.

An amended Law on Petroleum is expected to revive funding opportunities for the oil and gas sector as many fields are reaching their productive peaks or experiencing a state of decline – as long as some outstanding issues are ironed out.

Experts have raised strong support for a comprehensive reform for the draft revised Petroleum Law that will help further develop the country’s oil and gas industry.

Along with investment incentives, the Government proposed to the National Assembly many new policies in the Draft Law on Oil and Gas (revised) to "wake up" investment in the oil and gas industry.

Vietnam has two oil refineries, Dung Quat and Nghi Son. Every year Vietnam imports millions of tons of crude oil while still exporting crude oil. What is the reason?

The Government will establish a market for mechanic firms to develop, including facilitating the sector to seek for domestic and overseas markets for the country’s oil and gas engineering sector’s products.

Boasting great potential of marine economy in terms of natural resources, transport, fisheries, tourism and coastal economic zones, Vietnam has set the target to become a powerful marine nation.

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Vietnam welcomes and is committed to creating every favourable condition for normal economic cooperation activities between Vietnamese oil and gas companies and their foreign partners, including Indian companies, said PM Nguyen Tan Dung.

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