During their afternoon sitting, committee members discussed the revision of the draft amended Law on Oil and Gas.
Vice Chairman of the NA’s Committee for Economic and Financial Affairs Nguyen Ngoc Bao said the committee’s standing body basically agreed with the revised draft, which incorporated opinions from NA deputies and relevant agencies.
Regarding decentralisation to the Ministry of Industry and Trade (MOIT) and delegation of powers to the Viet Nam National Industry - Energy Group (Petrovietnam), the Government is redefining the powers of the Prime Minister, the MOIT, and Petrovietnam, while retaining the ministry’s authority to give in-principle approval to oil and gas field development projects.
The committee proposed that the Government promptly issue detailed regulations, defining coordination mechanisms and linking decision-making powers with responsibilities. It also called for field development projects to be deployed quickly, with any difficulties addressed without delay.
For carbon capture and storage (CCS), the Government proposed retaining provisions allowing CO2 captured from other emission sources to be processed, aiming to maximise existing geological potential and improve the investment appeal of oil and gas activities.
The draft also provides that CCS activities continuing after the end of oil and gas extraction or a petroleum contract will be governed by Government regulations.
Chairman of the NA’s Committee for Legal and Judicial Affairs Phan Chi Hieu said the Government had carefully considered NA deputies’ opinions and incorporated them, adding that the draft was ready to be submitted to the NA for approval.
He supported decentralisation to the MOIT and delegation of authority to Petrovietnam, while stressing the need for State oversight of the management model changes and the respective powers of the Prime Minister, the ministry, and the group for upstream petroleum activities.
NA Vice President Nguyen Hong Dien called for the completion of the legal framework for CCS and offshore energy facilities linked to oil and gas activities, including regulations governing independent CCS and offshore energy projects.
This should facilitate oil and gas projects, particularly integrated onshore-offshore field development projects, contributing to ensuring energy security, socio-economic development, and protecting the national sovereignty over seas and islands, he said.
Dien also called for clear rules on responsibility for expenditures incurred by Petrovietnam, alongside strict supervision and control mechanisms to prevent waste and corruption.
The NA Standing Committee requested further study of CCS activities, particularly after oil and gas extraction ends, to ensure feasibility and consistency with the amended law.
The committee agreed to submit the draft law to the NA for consideration and approval after further revision in line with the session’s conclusions.
