Energy prices remained at high level in 2023 and energy sector enjoyed prosperity. External environment is full of challenges and uncertainties, including geopolitical conflicts and a high interest rate environment. In the meantime, increased focus on ESG investment and energy mix transition is gaining momentum. United Energy Group Limited (“UEG” and together with its subsidiaries collectively the “Group”) as an independent international energy company, continued to play its role in meeting market energy demand and supporting global energy transition. Although oil price fell back from its historical high, UEG showed resilience from operation to cashflow generation. We focused on shareholder’s value, through optimization of capital structure and share buyback program.

In the year of 2023, we overcame various difficulties and challenges, and achieved satisfactory results. As always, UEG continued its focus on the five targets of production increase, reserve increase, efficiency improvement, profitability and cashflow optimization. 

Leveraging on our experience and expertise of the industry, we continue to replicate our Pakistan success story in the MENA region with exceptional results. We continue to unlock potential in the countries where we operate and create greater value for our Group and increase shareholder value. 

You can explore more of the UEG Chairman’s statement at uegl.com.hk/en/chairman.