Chapter IX
FUNCTIONS, RIGHTS AND OBLIGATION OF PVN IN FUNDAMENTAL INVESTIGATIONS OF PETROLEUM AND PETROLEUM OPERATIONS
Article 60. Functions of PVN in fundamental investigations of petroleum and petroleum operations
1. PVN shall conduct fundamental investigations of petroleum and perform petroleum operations in the role of a contractor signing a petroleum contract according to the regulations of this Law. PVN participating together with partially state-owned subsidiaries of PVN in petroleum contracts as prescribed in Article 39 of this Law shall not be considered to commit a violation against laws on managing and using the state capital to invest in production and business in the enterprises.
2. After a project for fundamental investigations of petroleum is approved, PVN shall sign an agreement on conducting fundamental investigations of petroleum with an organization other than state authorities and enterprises presiding over carrying out the project.
3. After a petroleum contract is approved, PVN shall sign and manage the contract with organizations and individuals performing petroleum operations; show its participating interest and priority over purchase of a part or whole of the rights of the contractor in the petroleum contract including special cases.
4. PVN shall receive oil and gas fields, cluster and blocks from the contractor when the petroleum contract becomes invalid to select a new contractor to sign a new petroleum contract, manage and operate them.
5. PVN shall extract oil and gas fields, groups of oil fields and blocks according to the resource extraction policies for salvaged oil and gas fields, groups of oil fields and blocks.
6. In order to fulfill the functions prescribed in Clauses 2, 3, 4 and 5 of this Article, PVN shall have the rights and obligations prescribed in Article 61 and Article 62 of this Law.
Article 61. Rights of PVN
1. Sign an agreement with an organization other than state authorities and enterprises presiding over carrying out the project for fundamental investigation of petroleum; manage and supervise the fulfillment of agreements related to collection of information, data and results of the fundamental investigation of petroleum as prescribed in the regulations of this Law and other regulations of relevant laws.
2. Sign petroleum contracts with organizations and individuals to perform petroleum operations according to the regulations of this Law and other regulations of relevant laws.
3. Manage and supervise the execution of a petroleum contract; approve the operating program and AOBs; audit the cost of performing petroleum operations according to the regulations of the petroleum contract; approve the finalization of expenses under the petroleum contract.
4. Approve programs of hydrocarbon exploration and adjusted programs of hydrocarbon exploration, additional programs of hydrocarbon exploration as prescribed in Article 44 of this Article.
5. Approve adjusted ODPs, EDPs, FDPs and decommissioning plans prescribed in Clause 5 Article 46, Clause 5 Article 47, Clause 5 Article 48 and Clause 6 Article 50 hereof; approve decommissioning plans prescribed in Clause 7 Article 50 hereof.
6. Supervise design and construction of petroleum installations in accordance with the regulations of a petroleum contract.
7. Organize sales of products of the host country together with products of PVN which are extracted under a petroleum contract in the role of a contractor, and be permitted to sell these products together with other contractors in the petroleum contract as prescribed in Point e Clause 1 Article 58 hereof.
8. Manage petroleum operations; salvage and make additional investment to salvage oil and gas fields, groups of oil fields and blocks, and monitor and use assets related to the receipt of participating interests of contractors, receipt of oil and gas fields, groups of oil fields and blocks.
Article 62. Obligation of PVN
1. Effectively and rationally manage and exploit petroleum resources, protect resources and environment, and ensure the safety in petroleum operations.
2. Manage, store, preserve and use samples, documents, information, data and results of fundamental investigations of petroleum conducted by organizations apart from the state agencies and enterprises presiding over conducting fundamental investigation of petroleum; samples, documents, information and data collected during the process of performing petroleum operations and after ending petroleum contracts to ensure the right to access of organizations and individuals to such documents, information, data and results of the fundamental investigations of petroleum and petroleum operations.
3. Manage and supervise the fulfillment of agreements on fundamental investigation of petroleum related to the exploitation of information, data and results of the fundamental investigation of petroleum in accordance with the regulations of law and the signed agreements.
4. Strictly and effectively manage and supervise the execution of petroleum contracts in accordance with the regulations of law and the petroleum contract.
5. Report petroleum operations to competent authorities periodically or upon request.
6. Propose solutions and cooperate in making policies, strategies, and orientations related to the rational and effective exploitation of petroleum resources, protection of environmental resources and sustainable development at the request of competent authorities.
Article 63. Approval for use of capital of PVN and wholly state-owned subsidiaries of PVN in petroleum operations
The Members’ Council of PVN shall:
1. Approve the use of capital of PVN and wholly state-owned subsidiaries of PVN, regardless of the contribution after being approved in accordance with the regulations of this Law in the following cases:
a) Exercise the participating interest in petroleum contracts and priority over partial or whole purchase of the participating interest prescribed in Article 39 of this Law;
b) Perform petroleum operations according to phases of petroleum contracts and petroleum projects;
2. Approve the termination of unsuccessful petroleum projects and costs for unsuccessful petroleum projects of PVN and wholly state-owned subsidiaries of PVN;
3. Report the approved contents in accordance with the regulations in Clause 1 and Clause 2 of this Article to the Committee for Management of State Capital at Enterprises for monitoring, inspection and supervision.
Article 64. Handling of costs of PVN
1. Costs for fundamental investigation of petroleum conducted by PVN apart from the funding secured by the state budget (if any) shall be paid by the post-tax profit of PVN.
2. Costs for hydrocarbon exploration of the unsuccessful project for hydrocarbon exploration of PVN, after a decision of the Members’ Council of PVN on termination of the petroleum project and finalization of costs is issued, shall be covered from the annual post-tax profit of PVN and allocated for 05 years from the date on which the decision is issued.
3. Costs prescribed in Clauses 1 and 2 of this Article shall be handled from the post-tax profit of PVN before extracting funds in accordance with regulations of law on managing and using the state capital to invest in production and business in enterprises.
4. PVN shall be permitted to transfer to state budget the revenues from selling the remaining petroleum products of the host country from petroleum contracts before determining interest shared to the host country to pay costs and fulfill obligations as follows:
a) Costs incurred by the host country, under the regulations of the petroleum contracts, which are paid by PVN on behalf of the host country;
b) The obligation fulfilled by PVN for the remaining petroleum products of the host country stated in the petroleum contracts on behalf of the host country;
c) Costs for management and supervision of petroleum contracts;
d) Costs for remaining petroleum contracts in case PVN receives the participating interest from the contractors for the special reasons or fulfils tasks assigned by the Prime Minister related to petroleum operations.
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