Energy
Vietnam’s power demand for its economic growth, combined with its commitment to achieve net zero by 2050, has made its energy sector highly active and is expected to be more competitive in the coming decades. From what used to be an oil & gas-dominated sector, many international entities are beginning to invest in Vietnam's rapidly developing renewables subsector.
As expected in any highly-regulated sector, the success of any foreign investment project in Vietnam's energy sector requires significant care, time, and effort to navigate the very onerous State and regulatory approvals process and ensure not only that all requisite approvals are obtained, but that they are obtained properly, duly, in compliance with the law, and on the right terms
Whether approaching any energy project in Vietnam, it is of paramount importance to ensure that every step of the process is guided by experienced professional advisors, who not only have the expertise, but also a proven track record of success in assisting foreign investors to navigate successfully the maze of legal, regulatory, and bureaucratic requirements which must be overcome in order to succeed.
A sampling of our highlight matters in this area includes:
- Advising a leading international oil company on production sharing agreements (PSC) and joint operating agreements (JOA) issues relating to the development of its Vietnam upstream assets.
- Advising a leading Australian oil company on the documentation of an EPCI Contract in relation to the engineering, procurement, construction, and installation of upstream facilities in an offshore block in Vietnam.
- Advising an international oil company on farm-in agreement documentation and PSC/JOA issues.
- Acting for a US diversified oil and gas, multi-national manufacturing corporation in relation to a strategic market study in Vietnam, as well as advising on its production sharing contract negotiations in various different oil and gas blocks in Vietnam; also advising on its upstream projects and project documentation in Vietnam; on PSC and JOA issues relating to the development of its Vietnam upstream assets; and on supply chain management (SCM)/procurement issues and applicable bidding rules under Vietnamese law.
- Advising a leading international oil company on the proposed acquisition of ConocoPhillips’ Vietnam upstream assets (valued at US$1.5 billion).
- Advising a leading UK oil company on the enforcement of its proposed farm-out arrangements relating to one of its upstream exploration assets in Vietnam, and the triggering of PetroVietnam’s statutory pre-emptive right.