Our Upstream segment is responsible for our activities in oil and natural gas exploration, field development, processing and production including further development of liquefied natural gas for full integration and marketing petroleum products in domestic and international markets.Our mission is to provide energy with strategic interest on development of oil and gas, and petrochemical industry globally. We apply advanced and eco-friendly technologies, hold crucial position in regional and international energy projects and maximize the profit from the sale of hydrocarbon reserves and derivatives. We are committed to sustainable development, ensuring a harmonious balance between humans and earth’s resources.We deliver our exploration, development and production activities through five global technical and operating functions:

• The exploration function is responsible for renewing our resource base through access, exploration and appraisal, while the reservoir development function is responsible for the stewardship of our resource portfolio.
• The global wells organization and the global projects organization are responsible for the safe, reliable and compliant execution of wells (drilling and completions) and major projects respectively.
• The global operations organization is responsible for safe, reliable and compliant operations, including upstream production assets and midstream transportation and processing activities.

We optimize and integrate the delivery of these activities with support from global functions with specialist areas of expertise: technology, finance, procurement and supply chain, human resources and information technology.

Technologies such as seismic imaging, enhanced oil recovery and real-time data support our upstream strategy by helping to gain new access, increase recovery and reserves and improve production efficiency.

We actively manage our portfolio and are placing increasing emphasis on accessing, developing and producing from fields able to provide the greatest value ( including those with the potential to make the highest contribution to our operating cash flow ). We sell assets that we believe have more value to others. This allows us to focus our leadership, technical resources and organizational capability on the resources we believe are likely to add the most value to our portfolio.

Our strategy is to grow long-term value by continuing to build a portfolio of material, enduring positions in the world’s key hydrocarbon basins. Our strategy is enabled by:

• A continued focus on safety and the systematic management of risk.
• Prioritizing value over volume:

- A more focused portfolio with strengthened incumbent positions and reduced operating complexity.
– Efficient execution of our base activities, a quality set of major projects and leveraging our access and exploration expertise.

• Disciplined investment in three distinctive engines for growth: deep water, gas value chains and giant fields. We maintain a balanced portfolio of opportunities.
• Delivery of competitive operating cash growth through improvements in efficiency and reliability – for both operations and investment.
• Strong relationships built on mutual advantage, deep knowledge of the basins in which we operate and technology.