On December 29th, ZPEC Group solemnly held its 2020 Year-end Summary and 2021 Work Conference at the Shanghai Lingang Base. All cadres and employees were encouraged to work hard to innovate, to sprint through the first quarter, and to win the first half of the year while maintaining a high sense of responsibility to do a good job of transformation and efficiency in 2021 in order to solve difficult problems, resolve crises, and achieve long-term and steady development for the company.

The conference first broadcasted the Group's 2020 TV feature film, from the perspectives of drilling engineering, equipment manufacturing, oil and gas exploration, etc. It showed the history of the employees at home and abroad sharing highs and lows, moving forward tenaciously, and achieving breakthroughs. The vivid work pictures and touching stories of tackling tough issues aroused strong resonance from the participants.

The Group President, Yun Zhang, gave a work report entitled "Turning crises into opportunities, breaking the situation against the trend, and resolutely winning the tough battle for the transformation and efficiency of ZPEC". His report covered exploration and development, drilling engineering, equipment manufacturing, corporate management, and system construction.  He introduced the main achievements and outstanding practices of each unit in production and operation in 2020, including: rapid development in exploration and development, achieving staged success in its transformation into an integrated oil company, resisting the pandemic in the drilling engineering sector while guaranteeing production, demonstrating a strong style, bucking the trend in the equipment manufacturing sector and striving to achieve new success, continuing to advance corporate management and system construction, and improving management performance.

Mr. Zhang analyzed the company’s current situation and pointed out that, although the epidemic disrupted the company’s overall transformation and upgrading deployment in 2020 and brought crises to production, operations, liquidity, etc., the Group still completed the merger and acquisition of oil and gas blocks in Kazakhstan. By removing the obstacles to project launch and development, the exploration of the Wensu Block was vigorously promoted and the Oil and Gas Reserves Report was officially approved by the Ministry of Natural Resources. The company had formed the ability to continue profitability through exploration and development business and the ability to resist risks, which laid the foundation for the long-term and stable development in the future. According to the Group's three-year plan and performance forecast, the company's performance and profit level will greatly improve in the next few years and the prospects are very promising. Subsequently, he arranged and deployed the Group's work in 2021 from two aspects: production efficiency and management improvement. It is emphasized that the drilling engineering sector must be efficiently started and operated, the exploration and development sector must accelerate the integration of exploration, evaluation, and construction, the equipment manufacturing sector must strengthen the research and development of new products and market development, and further strengthen the management of projects and assets.  Additionally, costs and expenditures must be strictly controlled, digital transformation and corporate culture must be accelerated by implementing a series of changes to further activate organizations, empower individuals, and improve the standardization level of various systems, so as to achieve the company's endogenous, long-term, sustained, and stable growth.

Finally, Group Chairman Chundi Li delivered an important speech. He pointed out that 2021 would be a crucial year for the development and transformation of ZPEC. He exclaimed, “Despite unprecedented difficulties, the dawn of victory is right before us. Each of us must set foot on the rhythm, sprint in the first quarter, decisively win the first half of the year, continue to expand and strengthen the strategic layout of exploration and development, engineering services, and equipment manufacturing.” He emphasized the key tasks of the Group in 2021 from four aspects: one is to further increase market development and continuously increase the bid winning rate; second, to do a good job of cost management, reduce production costs, and improve work efficiency; third, to speed up efforts to tackle key problems in scientific research, benefit from technology, and find a way out via scientific research; the fourth is to grasp the talent training system and management mechanism in order to become a domestic first-class enterprise and industry leader within three to five years.

At the meeting, the Group President, Yun Zhang, signed the 2021 Business Target Responsibility Letter with the heads of various branches and companies and commended the advanced collectives and advanced individuals in 2020. The winning representatives shared their work experience and insights.

The meeting was hosted by Dexiang Hu, Senior Vice President of the Group. Nearly 200 cadres and employees from the headquarters, subsidiaries and overseas projects attended the main venue. The meeting set up 16 sub-venues to simultaneously convey the actual situation to the domestic and overseas subsidiaries.