On October 27, 2024, ZPEC signed two oilfield development contracts for the EBN Block and MF Block with the Iraq Ministry of Oil and the Midland Oil Company of Iraq (MdOC) in Baghdad, Iraq. This marks ZPEC’s official entrance into the Iraqi oil and gas exploration and development sector, securing a rare opportunity to learn, exchange, and compete with renowned international oil companies such as Shell, BP, and Petronas. This will significantly enhance the company’s international operations and inject new momentum into its high-quality, sustainable development.

The Deputy Prime Minister and Iraqi Minister of Oil, Mr. Hayan Abdulghani, attended the signing ceremony and delivered a speech. He congratulated ZPEC on successfully signing the contracts for these two blocks and expressed his hope that the company would quickly and smoothly carry out various oilfield development work and actively participate in the construction of the country. He noted that several Chinese-funded enterprises won in this bidding round, and that ZPEC had cooperated with the Iraqi Ministry of Oil for many years, was highly recognized, and believed to achieve good results in oilfield development.

Mr. Muhammad Yassin Hassan, the General Manager of MdOC, represented the Iraqi government in signing the contract this time. He pointed out that the central part of Iraq is rich in oil and gas resources. ZPEC has operated in the Badra Oilfield, which belongs to MDOC, for many years, accumulating rich experiences. He hoped for a better cooperation between the two parties in the future.

Zhao Yafei, the Vice President of ZPEC, stated that since ZPEC entered into the Iraqi market in early 2012, it has continuously expanded its business field from undertaking drilling day-rate projects to operating integrated drilling and completion projects, with continuous improvement in technical levels. With good performance, it has won widespread recognition in the “Iraqi Oil and Gas Olympics”.The company’s entry into the Iraqi oilfield exploration and development field, winning 2 out of the 29 bidding blocks and successfully signing contracts, indicates that the company’s years of accumulation and hard work have been recognized. He thanked the national “Belt and Road” policy for enabling ZPEC to stand out in fierce international competition, and stated that the company would adhere to the concept of mutual benefit and win-win, making new contributions to revitalizing the Iraqi economy and ensuring national energy security.

On May 11th of this year, in the fifth and the sixth rounds of bidding for oil and gas blocks in Iraq, ZPEC successfully won the EBN Block and MF Block, which are two out of the three development blocks. Preliminary evaluation by internationally renowned consulting institutions and ZPEC’s geological research team shows that the oil reserves and resource volume of the EBN and MF Blocks exceed 1 billion tons, with huge resource potential, high resource confirmation degree, and low geological risk. (Text/Lin Peng, Photos/Lin Peng, Zhang Tiexuan)