An oil rig of PetroVietnam. The oil and gas industry should look at developing renewable and new energies to create breakthrough developments as energy transition becomes critical. — VNA/VNS Photo Huy Hùng

Speaking at a conference on Wednesday about the implementation of the Politburo’s orientations for the development of the oil and gas industry by 2025, with a vision to 2035, Quang said that in the current context, the industry is facing many difficulties and challenges from changing global landscapes. There are opportunities however, provided the industry can bring into play strengths in experience, infrastructure and human resources.

As energy transition becomes critical, Quang urged the industry to focus on developing renewable and new energies, stressing that this is the path to breakthrough developments and ensuring sustainable growth.

The industry should also encourage investments from non-state economic sectors and international financial institutions as well as pay attention to developing high-quality human resources, together with policies for talents to meet international requirements in the context of rapid and intensive international integration, he said.

Deputy Head of the Central Economic Commission Nguyễn Đức Hiển said that it is necessary to improve the institutions and legal framework to create conditions for the oil and gas industry to develop in the new era.

In the context of energy transition and the fourth industrial revolution, attention should be paid to developing the technical infrastructure, Hiển said.

Minister of Industry and Trade Nguyễn Hồng Diên said that state-owned oil and gas corporations should hasten restructuring and develop new strategies towards ensuring energy security. The National Oil and Gas Group (PetroVietnam) will become the national industry and energy corporation, while the Vietnam National Petroleum Group will become the leading corporation in green, clean, quality and environmentally-friendly energies.