???By relying on advantages of the integration of ZPEC’s drilling and completion engineering services and oil equipment manufacturing, Zhongman Group has emphasized on many oil and gas exploration and development projects in rich oil and gas areas along the pathway of "Belt and Road" from domestic to international and also actively implemented the strategy of exploration and development. These have made a series of encouraging breakthroughs. ZPEC has completed the bidding, tendering, exploration, discovery and pilot production of Xinjiang Wensu Project, which has directly led the ZPEC to become the first private enterprise to be awarded the upstream oil and gas exploration permits and exploitation & production licenses by the Ministry of Natural Resources of China, and the first private enterprise to be qualified the domestic review report of new incremental oil and gas proven reserves. At overseas, ZPEC has also successfully acquired both Tenge Oilfield and Coastal exploration project in Kazakhstan, which the grand total of Petroleum Initially In Place (or “PIIP”) was estimated at nearly 300 million tons and the discovered PIIP of circa 120 million tons have been approved by the Kazakhstan government.
In 2020, Zhongman Group had a new incremental proven oil-bearing area of 8.39 square kilometers, and a new incremental proven oil reserves of 30.11 million tons, and new incremental proven dissolved gas reserves of 304 million cubic meters, and new gas bearing area of 2.23 square kilometers, and new natural gas reserves of 449 million cubic meters (Block 7, North Wensu Oilfield, Xinjiang Wensu Project). ZPEC produced 500,527.7 tons of crude oil and 12.83 million cubic meters of natural gas in 2022.
Relying on the advantages of national policies, our key strategic focus will be on the rich hydrocarbon regions along the "Belt and Road" such as Xinjiang, Central Asia, Middle East, Russia and others etc where there are rich oil and gas resources with strong newly discovered reserves.
Based on large oil and gas areas, large basins and rich hydrocarbon zones, we shall preferentially identify exploration and development blocks.
We shall keep focus on conventional oil and gas resources and firm our strategic development directions that short term projects combine with medium-long term projects and prefers to natural gas business development in the medium- long term projects.
Our strategic scope will emphasize on those attractive undeveloped oil and gas fields, and old oilfields under secondary recovery, and oilfields with improve oil recovery. The premium exploration blocks are optional within our business scope.