Government issues new form for oil and gas production contracts

Wednesday, Apr 24, 2013 12:11

(Biz Hub) On 22 April 2013, the Government issued Decree No 33/2013/ND-CP promulgating a Contract Form for oil and gas production sharing contracts.

Accordingly, this Decree promulgates a standard form for production sharing contracts that shall be complied with. The Viet Nam National Oil and Gas Group only deals with other terms and conditions based on the bidding or negotiation results as provided in Clause 20.7 of the standard contract form (special agreements).

In case of approval from the Prime Minister, parties to the contract may choose not to apply the standard contract form.

The Decree is not applicable to oil and gas contracts signed before the effective date of this Decree. These contracts shall be executed in accordance with the standard form provided under Decree No 139/2005/ND-CP dated 11 November 2005 of the Government.

This Decree takes effect from 8 June 2013 replacing Decree No 139/2005/ND-CP.

Bizconsult law LLC

 


 



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