On November 1, 2025, more than 20 executives from the Venezuelan Ministry of Petroleum and the National Oil Company visited our company to conduct on-site inspections of the production base and engage in in-depth exchanges on innovation in heavy oil extraction technology and industrial cooperation. The senior management and core technical team of the company accompanied and received the guests throughout the entire process, discussing new paths for energy cooperation and new opportunities for industry development.
During the inspection, the Venezuelan executive team went deep into the company's production workshop to gain a detailed understanding of our company's technology research and development, equipment operation, and project application in the field of heavy oil extraction. The company's technical leader highlighted the breakthroughs in key technologies such as thermal recovery development. The executives highly recognize our company's achievements in upgrading heavy oil extraction technology and have had lively discussions with our technical personnel from time to time on technical details, application effects, and other issues.
At the subsequent symposium, both sides had in-depth discussions on the technical difficulties, development trends, and cooperation prospects of heavy oil development in the context of global energy transition. The senior executives of the Venezuelan Ministry of Petroleum stated that the country has abundant heavy oil resources, but the difficulty of extraction is high. This inspection has seen our company's advanced technological strength and mature project experience. We hope to use this inspection as an opportunity to promote deep cooperation between the two sides in the introduction of heavy oil extraction technology, joint research and development, and project operation. Our senior management responded that the company has always adhered to the concept of open cooperation and is willing to share technological achievements with partners in the Venezuelan oil industry, work together to overcome the difficulties of heavy oil development, and achieve a mutually beneficial and win-win development situation.

The inspection visit of Venezuelan executives has built an efficient communication bridge for both sides, further enhancing mutual understanding and trust, and laying a solid foundation for deepening cooperation in the energy sector in the future. In the future, both sides will continue to promote technical exchanges and project docking, jointly assisting in the efficient development of global heavy oil resources and injecting new momentum into the high-quality development of the energy industry.