Oi and Gas exploration and production are highly international and strategic in terms of national energy security and sovereignty over the islands. Thus it forces PVEP to always review the structure to not only improve or restructure but also to adapt and develop in the context of international integration. The author has applied the corporate restructuring theory model as the basis of restructuring orientation for PetroVietnam Exploration and Production Corporation (PVEP). Restructuring PVEP

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... carried out in 5 phases from researching PVEP's external context, indentifying internal factors of PVEP, implementing restructuring strategies, making options and evaluating result. The application of this theoretical model will help PVEP's managers to develop a scientific, rigorous, completed and effective restructuring project.