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Mabi Project

The Mabi concession extends over an area of 898.2 k㎡ under the PSC partnership with the China National Petroleum Corporation. The Mabi concession received preliminary ODP approval in November of 2013, and the Mabi ODP I with an area of 131.7 k㎡ has a designed annual commercial capacity of 1 billion m³. We have commenced revenue recognition for Mabi with effect from 2H2017. In 2017, Mabi focused on improving pilot performance, initiating cost control and preparing for the commercial development after ODP approval is received. Mabi’s 2017 gross pilot production increased 67% YoY to 58.3 mmcm. In 2017, We have drilled 67 wells and the average cost of these 67 wells for drilling and completion are approximately 30% and 25% lower respectively compared to similar type well's historical average cost.