Xinhua News Agency and other media outlets: United Energy Group Successfully Wins the Bid for Iraq's FAO Exploration Block
Recently, the Iraqi government held its largest oil and gas block bidding in six years, and the outstanding performance of Chinese enterprises has attracted widespread attention from both domestic and foreign media. The Reference News and Xinhua Finance immediately reported on this event. Subsequently, many other media outlets such as People's Daily Online, Xinhua News Agency, China.org.cn, China Daily, China.com, iFeng.com, and Sina.com also vied for coverage. United Energy (UEG) has always been committed to pragmatic cooperation with partners of China's "Belt and Road" initiative. With its unique advantages in investment and mergers and acquisitions, technological innovation, multiculturalism, and refined management, it has continued to write new chapters in energy development in Europe, the Middle East, South Asia, North Africa, and other regions, becoming a news focus that attracts much media attention.
Recently, Iraq held its largest oil and gas block bidding in nearly six years, which included 30 oil and gas blocks from 12 provinces of Iraq. This attracted the participation of 22 oil companies, including Shell, BP, Lukoil, CNPC, and Sinopec. UEG successfully won the bid for the FAO exploration block.
The block is located in the oil and gas-rich area in the southeast of Iraq, adjacent to Iran and Kuwait, with a total area of 1,398 square kilometers. UEG's bid for this new exploration block is based on its in-depth analysis of Iraq's energy prospects and full confidence in Iraq's oil and natural gas resources. If exploration breakthroughs are achieved in this project, it is expected to yield geological reserves of 3 billion to 6 billion barrels. Song Yu, the executive chairman of UEG, said that UEG will draw on its experience in developing the Faihaa Oilfield and SIBA Gas Field in Iraq, and promote rapid production through active communication with local governments and relevant departments, aiming to build the FAO block into a medium-sized oil and gas field as soon as possible.
As an important part of the global oil map, Iraq has profound significance for the sustainable and innovative development of the energy industry. UEG attaches great importance to the future development potential of Iraq's energy market and believes that with the gradual improvement of Iraq's market environment and security conditions, the group will maximize asset synergies and tap resource potential through efficient operation and management strategies, promoting the significant development of the energy industry in the Middle East and even the world.
As a responsible "international citizen," UEG has been committed to pragmatic cooperation with China's "Belt and Road " initiative partners. It leverages its unique advantages in investment and mergers and acquisitions, technological innovation, multiculturalism, and fine management in Europe, the Middle East, South Asia, and North Africa. With forward-looking strategic insights, it deeply explores the exploration and development potential of assets around the world and cooperates with energy industry partners for win-win outcomes, contributing to the economic development of resource-rich countries. At the same time, it continues to invest in ESG and clean energy, achieving sustainable and high-quality development under the "oil and gas energy + new energy" dual-wheel drive strategy, and making unremitting efforts to provide the world with more and better energy options.