Zhongman Petroleum and Natural Gas Group
Zhongman Petroleum and Natural Gas Group Co., Ltd., also known as Zhongman Petroleum, Zhongman Group, or ZPEC, is a high-tech, integrated oil and gas company founded in 2003 and headquartered in the Lingang New Area of the Shanghai Pilot Free Trade Zone.
With a strong focus on international growth, ZPEC has been executing its "going global" strategy since 2011, deeply cultivating markets across the Belt and Road regions by providing oil and gas engineering services. The company has achieved rapid expansion in its overseas operations.
ZPEC was listed on the Shanghai Stock Exchange A-share market on November 17, 2017 (Stock Code: 603619). Following its listing, the company strategically expanded to the upstream, successfully transforming into an oil and gas resource-based enterprise.
Core Operations:
· Oil & gas exploration, development, and production
· Oil & gas engineering and technical services
· High-end oil and gas equipment manufacturing
ZPEC holds 324 patents and software copyrights in Shanghai, encompassing inventions, utility models, and more. The company is also actively expanding into related high-tech, high-value-added businesses, leveraging its integrated upstream and downstream advantages.
By 2022, ZPEC had formed a complete upstream and downstream industrial chain covering "oil & gas exploration and development → crude oil sales → engineering services → oil & gas high-end equipment manufacturing".
Our businesses cover major oil fields in China. Our main customers include CNPC, SINOPEC, Yanchang Petroleum, Schlumberger and other well-known international oil and service companies. Since 2018, ZPEC has actively participated in the national oil and gas reform to break the upstream monopoly, which has fully utilized the group's advantages of integration and successfully transformed to exploration and development businesses. This made ZPEC stayed in the ranks of oil and gas resource-based enterprises. As the first private enterprise in China has successfully obtained exploration rights and mining licenses for oil and gas blocks issued by the Ministry of Natural Resources of China, ZPEC has contributed to the improvement of national oil self-sufficiency and energy security.
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.
