Chairman's MessageCEO's Message
Yanchang Petroleum International is the Hong Kong listed international platform of Yanchang Petroleum Group, the fourth largest integrated Oil and Gas Group in China. We are a dynamic corporation, with ambitious plans to grow from our already established foot print in exploration and production, distribution and sales of oil and gas in Canada and Mainland China, to a mid-size, 70,000 BOEPD global operator in the coming five years.
The oil and gas industry is cyclic and the latest down cycle is lasting longer than any I have experienced in my 35 years career. I take comfort however in the recent relative oil price stability and remain confident in the future of the industry. While the world is developing indispensable renewable energy solutions, oil and gas will not only remain part of the energy mix, it will also grow in absolute terms in the decades to come.
The recent long down cycle has brought discipline to the oil and gas industry, and a number of operators are rationalizing their portfolio. As a result, producing assets, of, say, 10,000 BOEPD of current production, are up for sale. We are pursuing these opportunities diligently, with an eye for those offering the best prospects of redevelopment and value enhancement. Our interest is global, with a particular attention to the regions outlined by the Belt and Road initiative.
I am confident that our international industry expertise and vision, supported by our parent company’s financial and technical strengths will yield attractive returns for our stake holders.
Bruno Deruyck
CEO & Executive Director
Hong Kong, January 2018