In 2003, Sinochem Corporation acquired Atlantis Holding Norway AS of PCS and CRS Resources (Ecuador) LDC of ConocoPhillips Company. Besides, Sinochem also merged New XCL Company of USA in 2007. At present, Sinochem Corporation has possessed 3 oil and gas projects, totaling 14 oil and gas contract blocks, scattered in Tunisia, United Arab Emirates, Ecuador and Bohai Bay Area of our country, covering all fields of the exploration and development of petroleum and natural gas both onshore and offshore. In recent years, Sinochem Petroleum Exploration & Production Co., Ltd. has focused on enhancing the project management and further expanding the asset scale.

The company has made efforts in many aspects, including establishing professional teams and company culture, enforcing the production management of projects, promoting technological researches, improving comprehensive capabilities, developing new projects and improving economic benefits. By the end of 2006, the company had produced 14.21 million barrels of equity oil, with a reserve of 119 million barrels of oil equivalent. After the construction of more than one year, Tunisia’s Oudna offshore oilfield, which Sinochem possesses 40% rights and interests, was put into operation on November 12, 2006. The daily output of the well reached 25,000 barrels, which highly exceeded original designing level. The success development of Oudna offshore oilfield, not only guarantees continuable oil production, but also pushes the oil output to a new historical high. On March 21, 2001, Sinochem’s fully-owned UAQ gasfield in United Arab Emirates officially signed the sales contract the unfolded all preparatory works. The project has currently finished the construction of offshore platform and benthal pipelines. It plans to be put into operation in the early of 2008, which will further extend the petroleum exploration and production business of Sinochem.

At present, the company has 10 departments，including administration office, human resources management, technology research, project management, new project development, HSE management, production operation, planning, law and finance. The company also takes in charge of the management of Atlantis, CRS, New XCL and Sinochem Representative Offices in Iraq and Kazakhstan.

In the future, Sinochem Petroleum Exploration & Production Co., Ltd. will continually and steadily carry out the expansion strategy towards upper stream sector of petroleum business. The company strives to discover high quality oil and gas resources, so as to achieve simultaneous increase of both oil and gas resources and economic benefits, and realize the aim of “Hold high quality oil and gas assets, possess independent and sustainable development capacities and grow to a global leading petroleum exploration and production company”