CORPORATE DEVELOPMENT STRATEGY

In 2019, Zarubezhneft JSC continued to implement Stage 2 of its Corporate Development Strategy until 2030, entitled “Readiness for Growth and First Successes”.

The Zarubezhneft JSC Corporate Development Strategy until 2030 was approved by the Board of Directors in 2014 (Minutes No. 85 dated June 26, 2014). According to the strategy, the Company is mainly focused on the Geological Exploration and Production segment, in which Zarubezhneft JSC focuses on the fields where the Company can expand existing competencies. Primarily, this refers to fields with an out-of-balance development system and fields with complex reservoirs similar to those developed in the regions of presence.

Steady achievement of strategic focuses

Four strategic programs

Taking into account the objectives set for Stage 2 of the Corporate Strategy, the management determined 4 strategic focus points of the Company’s development and elaborated Strategy Development Programs:

  • The Technological Leadership Program represents a set of projects and initiatives aimed at developing key technological expertise to improve the performance of current assets and implement international expansion.
  • The Expansion Program includes a set of project objectives for searching, evaluating and entering new projects, as well as creating efficient tools for searching for and evaluating projects, and mechanisms for conducting efficient work in new countries and regions.
  • The Corporate Evolution Program is aimed at creating a flexible, adaptive business system to ensure efficient work with underlying assets and quick integration of new assets, providing maximum speed and flexibility in the management, execution and decision-making processes.
  • The Talent Management Program includes objectives for creating a personnel reserve (talent pool) and rotation programs for key positions to staff new international projects.