Vietnam improves its petroleum law in bid to boost oil and gas fortunes

Operators in Vietnam are rejoicing about the country’s new petroleum law, which could unlock some of the nation’s exploration potential and reduce the burden of red tape as well as incentivising new production.

The new law will come into force on 1 July 2023 having already been approved by the National Assembly.

The two main themes in the new law are understood to be the introduction of fiscal incentives for frontier exploration and marginal field development, and a reduction of the regulatory burden.