Overcoming difficulties and challenges as a result of market fluctuations as well as regulatory frameworks, in July 2017, PetroVietnam Exploration Production Corporation (PVEP) overfilled business targets and contributed 672 billion VND to the State budget. 

Oil platform at Rang Dong well.

In the first months of 2017, the global economy showed signs of recovery thanks to positive prospects from major economies such as the US, China, Japan, South Korea, the EU. Oil production reduction and renewed committments by OPEC and non-OPEC members such as Russia since the end of 2016 have helped to stabilize the oil market, with oil fluctuating at the 53-55 USD/barrel mark. 
However, since end of May 2017, the price of crude showed signs of decline, to under 50 USD/barrel (the price of Brent crude at 6th August 2017 was 48.06 USD/barrel), as a result of rising production in non-OPEC members such as the US, Canada and Libya. 
In the context of general hardship for the petroleum market, PVEP conducted 2017 business operations amidst unresolved financial regulatory obstacles for exploration and production. The corporation faced mounting pressure as a result of lack of suitable financing to invest in exploration projects, and a large workload forecasted for 2017. 
To overcome challenges and ensure sustainable development, PVEP continued to review progress, optimize expenses and the organization of projects, cut unnecessary investments/expenses, production and routine operations costs, conducted comprehensive stocktake of PVEP's portfolio to prioritize/farmout/or shut down projects. 
Due to its characteristics as a petroleum company, stability of operation, business environment, relations with partners... and the construction and development of the data storage, processing and analysis center (Data center) has been the foundation for PVEP to overcome obstacles. 
As a result of these efforts, solutions, in July 2017, despite global market fluctuations, regulatory bottlenecks, with continuous efforts and the highest determination, on the basis of review of financial capacities and market assessments, PVEP have continued to carry out its 2017 workplan and have produced important results, overfilling set business targets. 
As such, PVEP's production in July was 0.44 MBOE, equivalent to 119% of the monthly target. Crude and condensate accounted for 0.34 million tonnes, equivalent to 117% of the monthly target; gas was 94.7 million m3, equivalent to 131% of the monthly target; the project to concentrate gas from Dai Hung well (phase 2) for Blocks 05-1(a) and other well development projects were on schedule; total investment reaching an estimate of 25.91 million USD (roughly 582.98 billion VND)… Total revenue for July was 2.987 trillion VND, equivalent to 124% of the monthly target; resulting in a tax contribution of 672 billion VND, or 121% of the monthly target.