Main Business

OIL AND GAS EXPLORATION

We have taken a road of efficient exploration and achieved consecutive breakthroughs in oil and gas exploration through continuous exploration technology innovation. Currently, we have a total of 21 oil and gas exploration projects in 20 countries. Our project structure features equal attention to onshore and offshore projects and co-existence of conventional and unconventional projects. In 2018, we achieved an exploration well success rate of nearly 75%, with the main exploration technical indicators reaching the international advanced level. In terms of technology, we established a decision-making system combining resource evaluation and economic evaluation, developed a trap technology for full-cycle evaluation and formed a low-amplitude structural identification technology, fluvial facies thin sand body prediction technology, complex carbonate reservoir prediction technology, turbidity channel sand body prediction technology as well as oil and gas detection technology series in exploration practices.

OIL & GAS DEVELOPMENT AND PRODUCTION

We have a total of 39 development and production projects in 24 countries. Since 2014, our annual oil and gas production has maintained 290 MMBOE. In the process of development and production, based on different types, development characteristics and technical requirements of the reservoirs, we have gradually developed supporting technologies featuring "advanced application, good economics, system integration and scale effect " by utilizing and integrating domestic and international proven technologies.

BUSINESS DEVELOPMENT

We focus on key resource countries and basins rich in oil and gas, actively develop new high-quality projects and conduct asset operations. In recent years, we have successfully developed 10 projects, including the second round and fourth round offshore sub-salt blocks in Brazil, an exploration block in Egypt and a rolling exploration project of oil and gas blocks in Russia. Besides, by continuously improving the overseas asset allocation and optimizing the asset portfolio, we strive to create a profitable oil and gas production base with scale, positioning itself for future high-quality and sustainable development.

OIL AND GAS SALES

We currently have 35 oil and gas sales projects distributed in 23 countries, with oil and gas mainly sold to Asia and Europe by sea. We implement centralized and unified management of oil and gas sales and strictly follow an internal control process, effectively preventing sales risks. We have established a benefit-creating operation platform by optimizing our sales mode to deeply tap potential for increasing benefits and realize higher oil and gas value.​