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Mr. Pierce Li,CEO & President of AAG Energy Holdings Ltd., Delivers a Keynote Speech at “2017 China Energy Assembly”

Release date: 22-Sep-2017

The “2017 China Energy Assembly” is organized by the Energy Council and held in Beijing on 20th-21st September, 2017. Mr. Pierce Li, CEO & President of AAG Energy Holdings Ltd., was one of the keynote speakers and he spoke on prospects of the China natural gas market and the outlook of AAG Energy.

 

The event this year, which focused on the topics of enabling energy transaction in China and development of the country’s oil and gas market, attracted onearly300 participants comprising executives from the upstream, midstream/LNG, downstream, and trading, finance, investment and petroleum services sectors, who joined for thought leadership, networking opportunity and potential business leads. This is the third time AAG Energy participated in the event as the main sponsor.

 

Mr. Li pointed out that, despite the low natural gas price in China and intense market competition, AAG Energy has remained strong and continued to deliver business growth. In the first half of 2017 (20171H), AAG Energy’s total production, sales, profit and EBITDA all boasted double-digit growth, and gas sales recorded an exceptional 98% utilization rate, drilling cost was down by 1/4 and great progress was made in terms of HSE performance. The drilling program for 2017 is expected to be completed ahead of schedule, with 39 wells drilled in 1H2017.  Furthermore, AAG Energy’s 2 assets, namely the Panzhuang concession, which is a key CBM project in China’s 13th Five-Year Development Plan for CBM, and the Mabi concession, which is a key CBM project for realizing fast growth in China’s 13th Five-year Plan for CBM, are both showing strong potential. At the same time, AAG Energy has been actively pursuing new oil and gas opportunities for future growth in China, and elsewhere which meets the Group’s development strategy.

 

According to SIA Energy’s report, in the first half of 2017, the total demand for natural gas in China climbed 12% year-on-year and by 2020 it is expected to exceed 300 billion m³. In the 13th five-year plan period, natural gas plays an important role in China’s energy reform, and in light of the new favorable industry policies recently announced by NDRC, China’s natural gas market has a promising future.