United Energy Group

United Energy Group
Industry Oil
Number of locations
 Pakistan, Indonesia
Website uegl.com.hk

The United Energy Group (UEG) (SEHK: 467) is a Chinese oil & gas exploration and production company. The company pursues projects in Pakistan and Indonesia and is looking into further investment options in South East Asia and the Americas.

Corporate affairs

UEG is a Hong Kong listed company but controlled by Zhang Hongwei, a majority shareholder in mainland China, who owns 71.7% of the company.[1][2]

China

The company undertook a joint venture with the China National Petroleum Company to develop the Liaohe EOR Project in Liaoning, China until it announced termination of the project in 2016.[3]

Pakistan

United Energy Pakistan (UEP) is the company's subsidiary in Pakistan with a footprint in Sindh province of Pakistan, around 100 km to the east of Karachi. United Energy Group had acquired the Pakistani assets from British Petroleum in September 2011 and BP Pakistan thus became UEP. In 2012, UEG secured a credit line of $5 billion from China Development Bank for its Pakistani operations and other potential acquisitions.[1][2]

Company's asset cover Badin, Tando Muhammad Khan, Tando Allahyar, Thatta, Hyderabad (rural), Matiari, Sanghar and Mirpur Khas of the Sindh province. Currently, there are active production and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea. The company also won bids for two new exploration blocks, Digri and Sanghar South, which lie adjacent to UEP's Mirpur Khas Khipro concession areas.

References

  1. 1 2 "Zhang Hongwei profile". Telegraph. October 10, 2013.
  2. 1 2 "United Energy posts 18.9 per cent rise in interim profit as output offsets lower oil prices". South China Morning Post. August 7, 2015.
  3. ↑ "United Energy scraps Liaohe EOR project". China Daily. February 26, 2016.
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