Chairman and Executive Director
Zhang Hong Wei
2024: A YEAR OF GROWTH AND TRANSFORMATION
In 2024, the global energy industry navigated a complex landscape marked by geopolitical tensions, accelerating energy transitions, and financial volatility. Against this backdrop, United Energy Group Limited (“UEG” or the “Group”) delivered exceptional results through robust operational strategies, solid execution, and relentless innovation.
Building on our deep industry expertise, we successfully replicated the transformative success of our Pakistan operations across the MENA region, unlocking value in existing markets while advancing our strategic vision to become a global energy leader.
2024 PERFORMANCE: DELIVERING EXCELLENCE
Operational Highlights
• HSSE: UEG maintained its unwavering commitment to Health, Safety, Security, and Environment (HSSE), achieving zero fatalities and zero major incidents – a testament to our world-class HSSE culture.
• Production & Reserves: Average daily gross oil and gas production reached 180,554 barrels of oil equivalent (boe), with working interest production averaging 108,079 boe per day. We made 11 commercial discoveries (8 in Pakistan, 2 in Egypt, and 1 in Iraq), driving our working interest 2P reserves to approximately 665.6 million barrels of oil equivalent (mmboe) and a reserve-production ratio of 16.9.
•
Regional Successes:
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In Iraq, Block 9 emerged as a flagship project, with the oil and gas central processing facilities (CPFs) completed in 25 and 33 months, respectively. These achievements, delivered by a diverse team of over 40 nationalities, underscores UEG’s operational excellence and collaborative ethos.
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Pakistan solidified its role as a cornerstone of our portfolio, with stable operations enhancing national energy security. We continue to leverage our market leadership to explore new opportunities for growth.
－
In Egypt, efficiency enhancements and a strategic acquisition in progress is set to double our portfolio and position us for sustained expansion.
Energy Transition & Innovation
UEG accelerated its evolution into a diversified energy leader with strategic investments in renewables:
• Entered Europe’s clean energy market through acquisitions of 250 MW solar project in Bulgaria.
• Advanced green hydrogen initiatives in Egypt and Jordan via key memorandums of understanding.
• Launched a global digital center and global procurement center, laying the foundation for full digital integration across the Group by 2026.
Financial Strength & Shareholder Value
Prudent financial stewardship ensured a robust balance sheet, optimized capital structure, and disciplined cost management. Our flexible dividend policy balanced shareholder returns with reinvestment in growth, maximizing long-term value.
Community & Sustainability
UEG remains deeply committed to the communities where it operates. Through targeted CSR initiatives, we supported education, infrastructure, and local economic development, while fostering employment and supplier opportunities. Our decarbonization roadmap advanced with investments in emissions reduction and clean energy, aligning operations with global sustainability goals.
2025 OUTLOOK: STRATEGIC GROWTH IN A DYNAMIC WORLD
The global energy sector will continue to face geopolitical and economic uncertainties in 2025. However, with oil demand projected to rise and prices expected to remain stable, UEG is well-positioned to capitalize on opportunities while advancing its transition agenda.
Key Priorities for 2025
• HSSE Leadership: Maintain world-class safety standards through advanced systems and technology.
• Production & Efficiency: Target daily gross production of 178,900–204,200 boe and working.
• interest production of 104,200–120,600 boe. Capital expenditure of US$750 million will fund exploration, development, and operational enhancements.
• Energy Transition Momentum: Expand clean energy portfolios in Europe, MENA, and Central Asia, while integrating green solutions across existing assets.
• Financial Agility: Optimize capital allocation to support growth and shareholder value, underpinned by a strong balance sheet.
Our achievements in 2024 reflect the dedication of UEG’s global team and the strength of our strategic vision. As we look ahead, we remain focused on sustainable growth – optimizing our core assets, accelerating the energy transition, and seizing new opportunities with discipline and innovation. Together, we are building a future where UEG stands as a beacon of resilience, responsibility, and excellence in the global energy landscape.
Chairman and Executive Director
Zhang Hong Wei
2024: A YEAR OF GROWTH AND TRANSFORMATION
In 2024, the global energy industry navigated a complex landscape marked by geopolitical tensions, accelerating energy transitions, and financial volatility. Against this backdrop, United Energy Group Limited (“UEG” or the “Group”) delivered exceptional results through robust operational strategies, solid execution, and relentless innovation.
Building on our deep industry expertise, we successfully replicated the transformative success of our Pakistan operations across the MENA region, unlocking value in existing markets while advancing our strategic vision to become a global energy leader.
2024 PERFORMANCE: DELIVERING EXCELLENCE
Operational Highlights
• HSSE: UEG maintained its unwavering commitment to Health, Safety, Security, and Environment (HSSE), achieving zero fatalities and zero major incidents – a testament to our world-class HSSE culture.
• Production & Reserves: Average daily gross oil and gas production reached 180,554 barrels of oil equivalent (boe), with working interest production averaging 108,079 boe per day. We made 11 commercial discoveries (8 in Pakistan, 2 in Egypt, and 1 in Iraq), driving our working interest 2P reserves to approximately 665.6 million barrels of oil equivalent (mmboe) and a reserve-production ratio of 16.9.
•
Regional Successes:
－
In Iraq, Block 9 emerged as a flagship project, with the oil and gas central processing facilities (CPFs) completed in 25 and 33 months, respectively. These achievements, delivered by a diverse team of over 40 nationalities, underscores UEG’s operational excellence and collaborative ethos.
－
Pakistan solidified its role as a cornerstone of our portfolio, with stable operations enhancing national energy security. We continue to leverage our market leadership to explore new opportunities for growth.
－
In Egypt, efficiency enhancements and a strategic acquisition in progress is set to double our portfolio and position us for sustained expansion.
Energy Transition & Innovation
UEG accelerated its evolution into a diversified energy leader with strategic investments in renewables:
• Entered Europe’s clean energy market through acquisitions of 250 MW solar project in Bulgaria.
• Advanced green hydrogen initiatives in Egypt and Jordan via key memorandums of understanding.
• Launched a global digital center and global procurement center, laying the foundation for full digital integration across the Group by 2026.
Financial Strength & Shareholder Value
Prudent financial stewardship ensured a robust balance sheet, optimized capital structure, and disciplined cost management. Our flexible dividend policy balanced shareholder returns with reinvestment in growth, maximizing long-term value.
Community & Sustainability
UEG remains deeply committed to the communities where it operates. Through targeted CSR initiatives, we supported education, infrastructure, and local economic development, while fostering employment and supplier opportunities. Our decarbonization roadmap advanced with investments in emissions reduction and clean energy, aligning operations with global sustainability goals.
2025 OUTLOOK: STRATEGIC GROWTH IN A DYNAMIC WORLD
The global energy sector will continue to face geopolitical and economic uncertainties in 2025. However, with oil demand projected to rise and prices expected to remain stable, UEG is well-positioned to capitalize on opportunities while advancing its transition agenda.
Key Priorities for 2025
• HSSE Leadership: Maintain world-class safety standards through advanced systems and technology.
• Production & Efficiency: Target daily gross production of 178,900–204,200 boe and working.
• interest production of 104,200–120,600 boe. Capital expenditure of US$750 million will fund exploration, development, and operational enhancements.
• Energy Transition Momentum: Expand clean energy portfolios in Europe, MENA, and Central Asia, while integrating green solutions across existing assets.
• Financial Agility: Optimize capital allocation to support growth and shareholder value, underpinned by a strong balance sheet.
Our achievements in 2024 reflect the dedication of UEG’s global team and the strength of our strategic vision. As we look ahead, we remain focused on sustainable growth – optimizing our core assets, accelerating the energy transition, and seizing new opportunities with discipline and innovation. Together, we are building a future where UEG stands as a beacon of resilience, responsibility, and excellence in the global energy landscape.