Chapter VI
INCENTIVES FOR PETROLEUM OPERATIONS AND RESOURCE EXTRACTION POLICIES APPLIED TO SALVAGED OIL AND GAS FIELDS, GROUPS OF OIL FIELDS AND BLOCKS
Article 53. Eligible entities
1. Investment incentives shall be applicable to oil and gas fields and blocks if one of the following criteria is met:
a) Oil and gas blocks are located in deep waters, offshore waters, areas with particularly difficult geographical conditions and complicated geological conditions;
b) Regular oil and gas blocks for which bidding has been held according to economic and technical conditions included in the petroleum contract but proposals are not submitted by any bidder or investor;
c) Oil and gas blocks are formed from the returnable contract area, for regular oil and gas blocks;
d) Regular oil and gas blocks are returned by the contractor before ending duration of the petroleum contract;
dd) Oil and gas blocks are formed from the consolidation of the returnable contract area and oil and gas blocks that the contractor has returned prescribed in Point c and Point d of this Clause;
e) Marginal fields that belong to regular oil and gas blocks for which the petroleum contract has been signed;
g) At the end of a regular petroleum contract, the extraction of oil and gas fields may be continued but the minimum investment efficiency can not be achieved when applying economic and technical conditions of such petroleum contract;
h) Unexplored or undiscovered hydrocarbons in sedimentary basins.
2. Special investment incentives shall be applicable to oil and gas fields and blocks if one of the following criteria is met:
a) Oil and gas blocks eligible for investment incentives for which conditional bidding has been held but proposals are not submitted by any bidder or investor;
b) Oil and gas blocks are formed from the returnable contract area according to the petroleum contract for oil and gas blocks to which investment incentives shall be given;
c) Oil and gas blocks to which the investment incentives have been given are returned by the contractor before ending duration of the petroleum contract;
d) Oil and gas blocks are formed from the returnable contract area and those are returned by the contractor as prescribed in Point b and Point c of this Clause;
dd) Marginal fields that belong to oil and gas blocks to which investment incentives have been given and the petroleum contract for such blocks has been signed.
e) At the end of a petroleum contract eligible for investment incentives, the extraction of oil and gas fields may be continued but the minimum investment efficiency can not be achieved when applying economic and technical conditions of this petroleum contract;
g) Oil and gas blocks that contain unconventional oil.
3. The Prime Minister shall issue a list of oil and gas fields and blocks to which investment incentives and special investment incentives shall be given.
4. The Government shall issue detailed regulations on this Article.
Article 54. Incentives
1. Incentives applicable to oil and gas fields and blocks shall be given through a petroleum contract.
2. For a petroleum contract for oil and gas fields and blocks to which investment incentives shall be given, a corporate income tax rate of 32%, a crude oil export tax rate of 10% and a maximum cost recovery rate of 70% of the oil production obtained in a year shall be imposed.
3. For a petroleum contract for oil and gas fields and blocks to which special investment incentives shall be given, a corporate income tax rate of 25%, a crude oil export tax rate of 5% and a maximum cost recovery rate of 80% of the oil production obtained in a year shall be imposed.
Article 55. Resource extraction policies applied to salvaged oil and gas fields, groups of oil fields and blocks
1. Resource extraction policies applied to salvaged oil and gas fields, groups of oil fields and blocks as prescribed in Point c Clause 2 and Point b Clause 3 Article 41 of this Law shall be implemented as follows:
a) The difference between revenues and costs of resource extraction for salvaged oil and gas fields, groups of oil fields and blocks shall be remitted to the State budget on the principle of ensuring the efficiency in salvage and strict control of costs for petroleum operations;
b) Information, data, documents, specimens, petroleum installations and other assets that have been installed and invested prescribed in a petroleum contract which has terminated shall be permitted to be used to salvage without payment;
c) Additional investment in resource extraction for salvaged oil and gas fields, groups of oil fields and blocks, decommissioning of petroleum installations and treatment after decommissioning when ending the extraction shall comply with the regulations of this Law and on the basis of balancing revenues from the salvage for oil and gas fields, groups of oil fields and blocks.
2. The Government shall elaborate this Article.
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