On February 25-29, Frank Ning, Chairman of Sinochem Group, attended the first annual meeting of APEC Business Advisory Council held in San Francisco and visited Pioneer Natural Resources Co. Ltd., and made field research and inspection of Wolfcamp southern shale project which has shares of Sinochem Group. Zhang Wei, Vice President of Sinochem Group, also participated in partial above meetings and research activities.
On February 25-27, Mr. Ning attended the first annual meeting of APEC Business Advisory Council. The main task of that meeting is to conduct communication with APEC officials, deliberate key issues in 2016 and submit policy and suggestion framework of the leaders of economies. About 80 members attended the meeting, including representatives and alternate representatives from 21 member economies.
Mr. Ning aired his views on food security, energy security and other issues at the meeting of working group on sustainable development, and aired opinions on the issue of trade and investment at the meeting of working group on regional economic integration, which provided the direction to promote and implement the outcome of 2014 APEC meeting in Beijing.
On February 28, Mr. Ning went to Dallas and visited Pioneer Natural Resources Co. Ltd., and held talks with Scott Sheffield, Chairman and CEO of the company. Both sides conducted wide exchange on the topics of international oil price, upstream oil and gas market, shale industry development in America the current and future situation of joint venture projects. Then on February 29, Mr. Ning went to Midland and conducted field research and inspection on the joint venture project: Wolfcamp southern shale project.
In January 2013, Sinochem Group purchased 40% of non-operator equity of Wolfcamp southern shale project of Pioneer Natural Resources Co. Ltd., and both sides formed a joint venture. Wolfcamp project is located in west Permian Basin, Texas, America, with a net lease area of joint venture assets of 207,000 acres, the output of rights day is about 20,000 barrels of oil and gas equivalent; its assets include all Wolfcamp shale beds and the oil and gas resources of deeper reservoir layers, with oil content up to 89%.