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MINISTRY OF
INDUSTRY AND TRADE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. 24/2020/TT-BCT
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Hanoi, September
18, 2020
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CIRCULAR
CLASSIFICATION
AND REPORTING OF PETROLEUM RESERVES AND RESOURCES
Pursuant to the Law on Petroleum dated July 06,
1993; the Law No. 19/2000/QH10 dated June 09, 2000; the Law No. 10/2008/QH12
dated June 03, 2008 on amendments to the Law on Petroleum;
Pursuant to the Government's Decree No.
98/2017/ND-CP dated August 18, 2017 on functions, tasks, entitlements and
organizational structure of the Ministry of Industry and Trade;
Pursuant to the Government’s Decree No.
95/2015/ND-CP dated October 16, 2015 elaborating the Law on Petroleum;
Pursuant to the Government’s Decree No.
33/2013/ND-CP dated April 22, 2013 promulgating the model petroleum production
sharing contract;
At the request of the Director of Petroleum and
Coal Department,
The Minister of Industry and Trade promulgates a
Circular on classification and reporting of petroleum reserves and resources
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GENERAL PROVISIONS
Article 1. Scope
This Circular provides for classification and
reporting of petroleum reserves and resources.
Article 2. Regulated entities
1. Operators, organizations and individuals
(hereinafter referred to as “operators”) preparing reports on petroleum
reserves and resources during exploration, field development and extraction of
petroleum on territorial land, internal waters, islands and archipelagoes,
territorial sea, contiguous zones, exclusive economic zones and continental
shelves over which Vietnam has sovereignty, sovereign rights and jurisdiction
of Vietnam in accordance with Vietnam’s law and international treaties to which
Vietnam is a signatory.
2. Regulatory authorities, organizations and
individuals relevant to the classification and reporting of petroleum reserves
and resources.
Article 3. Definitions
For the purposes of this Circular, the terms below
are construed as follows:
1. “extracted petroleum” or “incremental
production” means the total produced amount of the seam or field on the day the
report on petroleum reserves and resources (hereinafter referred to as
“Report”) is prepared, the recovered part of petroleum reserves.
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3. “economic – technical conditions” means economic
– technical indicators applied when preparing the Report.
4. “petroleum recovery ratio” means the ratio of
the amount of petroleum that can be extracted to the amount of petroleum
initial in place of the field or seam in certain economic – technical
conditions.
5. Resources “not justified for development” mean
petroleum resources that have been discovered but cannot be developed due to
economic – technical limitations (hereinafter referred to as “develop
resources”).
6. Resources “justified for development” mean
petroleum resources that have been discovered and can be developed under
current economic – technical conditions, including exploited and producing
fields, discovered petroleum that can be developed according to the operator
(hereinafter referred to as “undeveloped resources”).
7. “petroleum resources” means the total amount of
petroleum initial in place in natural accumulations
8. "undiscovered petroleum resources” means
quantities of petroleum initial in place in natural accumulations that have not
been discovered by drilling.
9. "discovered petroleum resources” means
quantities of petroleum initial in place in natural reservoirs that have been
discovered by drilling.
10. “product stratum” means a collection of
petroleum reservoirs and seams producing formation in a stratigraphic unit.
12. Petroleum “reservoirs” and “seams” are natural
formations that contain petroleum in an oil field, separated from other
reservoirs and seams.
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14. “well test” means the hydrodynamic study that
is meant to acquire hydrodynamic parameters and evaluate the extraction
potential of part or the entire reservoir.
15. “potentially recoverable” resources are
quantities of petroleum that are anticipated to be recovered from undeveloped
or undiscovered petroleum initial in place.
16. “petroleum reserves” means quantities of
petroleum that are anticipated to be commercially recovered from petroleum
initial in place of the field in certain economic – technical conditions.
Chapter II
CLASSIFICATION OF
PETROLEUM RESERVES AND RESOURCES
Article 4. Classification basis
1. Petroleum reserves and resources shall be
classified by combining evaluation of reliability of geological and geophysics
information, feasibility of technology and economic efficiency when the Report
is prepared.
2. Classification of petroleum reserves and
resources are provided for in Article 5 and Appendix IA hereof.
Article 5. Classification of
petroleum reserves and resources
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1. Discovered petroleum resources: Depending on
technological feasibility and efficiency as evaluated by the operator when the
Report is prepared, discovered petroleum resources will be classified as
developed resources or undeveloped resources.
a) Developed resources shall be classified as P1
(proved), P2 (probable) or P3 (possible).
- Limits of the petroleum reservoir can be defined
with high reliability according to geological and geophysics documents, boring,
well testing and extraction.
- Permeability, containment and saturation of the
petroleum reservoir are asserted by well logging documents and/or core samples.
- The well test and fluid sample test result allows
for determination of commercial oil and gas flow according to the operator from
at least one well.
(a2) P2: lower reliability than P1. P2 resources
have a probability of existence according to geological and geophysics but not
proved by well test and/or fluid sample test.
(a3) P3: lower reliability than P2. P3 resources
have a possibility of existence according to geological and geophysics but not
reliable enough to be classified as P2.
b) Undeveloped resources (prospective resources)
shall be classified as C1 (proved), C2 (probable) and C3 (possible). C1, C2 and
C3 technical indicators are similar to those of P1, P2 and P3.
2. Undiscovered petroleum resources include
speculative undiscovered resources (R1) and hypothetical undiscovered petroleum
resources (R2).
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Article 6. Boundaries of
classification of petroleum reserves and resources
1. Boundaries of classification of petroleum
reserves and resources of each petroleum reservoir shall be determined by
extrapolation in a manner that is suitable for certain geological conditions in
Appendix II hereof.
2. Boundaries and distribution of petroleum
reservoirs shall be determined according to specific documentation and
grounds. In case similar methods are applied, the operator shall provide
data with clear origins and explain how to use them to increase the reliability
of the applied method and parameters.
Chapter III
EVALUATION OF PETROLEUM
RESERVES AND RESOURCES
Article 7. Evaluation methods
1. Evaluation subjects are petroleum reservoirs and
seams.
2. Petroleum reserves and resources shall be
calculated using volumetric method (usually, according to 3D geological model,
reserve density, similarity), hydrodynamics of the fields (materials balance
analysis and extraction simulation) and other methods depending on the
availability of documents. Where:
a) Applied methods include: normal volume for all
cases; 3D geological model for developed and developing fields; material
balance analysis for producing fields;
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3. Results produced by different methods must be
analyzed and compared.
4. When petroleum reserves and resources are
updated, the calculation results shall be compared with previous results and
the reasons for change must be analyzed.
5. Petroleum resources and reserves and their
components shall be calculated for separate reservoir, seam and reservoir rock;
evaluate the probability of bringing these into production.
Article 8. Calculation of
petroleum reserves and resources
On the basis of the classification specified in
Article 5 of this Circular, petroleum reserves and resources shall be
calculated as follows:
1. Discovered petroleum resources:
a) Petroleum initial in place and petroleum
reserves shall be calculated by the operator at corresponding categories (P1,
P2, P3). The methods for calculation of petroleum initial in place and
petroleum reserves are specified in Appendix II hereof.
b) Prospective petroleum shall also be calculated
by the operator at corresponding categories (C1, C2, C3) with values of
petroleum initial in place and prospective recovery;
c) Petroleum reserves of the field shall be updated
to the Overall Development Plan (ODP), Field Development Plan (FDP) and revised
Field Development Plan;
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2. Undiscovered petroleum resources shall be
calculated or estimated for petroleum initial in place and potential recovery
(R1, R2). Recovery index shall be acquired according to values of adjacent
seams, fields, regions, reservoirs.
Chapter IV
PREPARATION, APPROVAL,
REGISTRATON AND UPDATE OF REPORTS ON PETROLEUM RESERVES AND RESOURCES
Article 9. Reporting
requirements
1. For developed resources, the operator shall
prepare, update and submit the Report to Vietnam National Oil and Gas Group
(PVN) for ratification. The report will be submitted to the Ministry of
Industry and Trade and Verification Council for verification, and submitted to
the Prime Minister for approval. The contents that need approving include P1
and P2 resources with a probability of 50%. Corresponding petroleum reserves
shall be recorded as the basis for developing and updating the field
development plan.
3. Detailed process of approval and recording of
petroleum reserves and resources are provided for Appendix IB hereof.
Article 10. Report contents
1. The operator shall submit the Full Report and
Summary Report.
2. Details of a Full Report are provided for in
Appendix III hereof.
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Procedures for submitting, verifying and approving
Reports are specified in Article 64 of the Government’s Decree No.
95/2015/ND-CP.
Article 2. Registering and
updating of petroleum reserves and resources
1. PVN shall monitor and annually update the
Reports of the fields that have been approved by the Prime Minister.
2. The operator shall update and rectify:
a) Petroleum reserves and resources during the
process of additional exploration, appraisal and production;
b) Petroleum reserves during preparation of the
Overall Development Plan (ODP), Field Development Plan (FDP) and revised Field
Development Plan.
3. The Report shall be updated after 03 years since
the first gas is commercially produced and every 5 years afterwards. The
operator shall propose irregular updates to competent authorities for approval
whenever necessary.
4. In the updated report, if the P1 and P2 values
of petroleum initial in place are changed by less than 15%, PVN shall submit a
report to the Ministry of Industry and Trade and the Prime Minister. If the
change is greater than 15%, the operator shall submit the Report for
re-approval in accordance with Article 10 of this Circular.
Chapter V
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Article 13. Special
cases
If the process of classification and reporting
during petroleum activities are different from that provided for in this
Circular, the operator shall provide the evidence and documents for PVN; PVN
shall provide them for the Ministry of Industry and Trade and Verification
Council for consideration and decision.
Article 14. Transition
1. The operators and regulatory authorities shall
keep implementing the Reports that are approved before the effective date of
this Circular.
2. Reports that are submitted to competent
authorities before the effective date of this Circular do not have to be
re-submitted and shall be verified according to the regulations that are
effective before the effective date of this Circular.
Article 15. Effect and
implementation
1. This Circular comes into force from November 06,
2020. Decision no. 38/2005/QD-BCN dated December 06, 2005 of the Minister of
Industry on classification of petroleum reserves and resources and preparation
of petroleum reserves reports are annulled from the effective date of this
Circular.
2. In case the legislative documents referred to in
this Circular are amended or replaced, the newer documents shall apply.
3. Difficulties that arise during the
implementation of this Circular should be reported by operators and PVN to the
Ministry of Industry and Trade for consideration./.
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PP MINISTER
DEPUTY MINISTER
Dang Hoang An