The PetroVietnam Exploration and Production Corp (PVEP) tapped 1.8million tonnes of oil and 701 million cu.m of gas in the first half of2013, surpassing its targets by 6 percent and 17 percent respectively.

In the period, PVEP also signed two new oil and gas contractswith domestic partners and put four new oil fields into operation, oneof which pumped the first oil stream.

In the remaining half ofthis year, PVEP needs to make every effort to complete its plannedoutput targets.

This is a great challenge to the corporation as reservesin operating fields are falling sharply while the new small ones arelikely to see their progress behind of schedule.

Meanwhile, thedevelopment of oil projects comes up against difficulties because ofthe economic downturn in the world and unstable political situation incountries with oil potential.

Difficulties in capital sources and lack of high-quality human resources also hinder PVEP from fulfilling its targets.

PVEP is promoting geological and geophysical surveys to locatedrilling areas for the building standby drilling rigs to raise oilreserves.

It is also strictly controlling the progress andcost of exploitation and exploitation projects while activelyimplementing research on non-traditional fields such as hard oil,bitumen, coal gas, shale gas.-VNA