Deputy Minister Nguyen Viet Son said it gives regulators and Petrovietnam greater operational authority alongside oversight and clearer separation of roles. Incentives target challenging projects, including small and marginal fields and deepwater or remote offshore areas.
The law also adds provisions for carbon storage, offshore energy and advanced technical services within areas directly related to petroleum activities. The other two main changes concern more flexible contracts and revised accounting, auditing and cost-treatment rules.
The ministry is preparing an implementing decree to align with the law's commencement. The changes are intended to address investment and production difficulties as output from many existing fields declines.