In 2020, the Company wrapped up the second stage of its strategy ‘Ready for Growth and First Successes’ (implementation period: 2017–2020) and moved on to the third stage of the strategy ‘Intensive Growth' (2021–2030).
The corporate development strategy of Zarubezhneft until 2030 was approved by the Board of Directors in 2014 (Minutes No. 85 dated June 26, 2014). Per the strategy, the Company’s primary focus is the Upstream segment in which Zarubezhneft is focusing on the fields where the Company can build up its existing expertise, namely fields with an unbalanced development system and fields with complex reservoirs similar to those that have been developed in the Company’s regions of operation.
3 STAGES OF CORPORATE STRATEGY IMPLEMENTATION: 102-10
‘Preparing for Growth’
- Active work on current assets
- Development of expertise and improvements to the efficiency of all organizational processes
‘Ready for Growth and the First Successes’
- Completed formation of a business development team
- Joined 3–5 new assets as part of accumulated expertise
- Joined 5 or more new projects
- Reached production levels of more than 15 million tons by 2030
In 2020, we continued implementing the main objectives of the Corporate Strategy as part of the Company’s four strategic development focuses and strategic development programs:
- The Technological Leadership program consists of a set of projects and initiatives that aim to develop crucial technology expertise in order to improve the efficiency of current assets and expand globally
- The Expansion program includes a set of project tasks that involve searching for, assessing, and new projects, as well as the creation of effective tools for to search for and assess projects, and mechanisms for effective work in new countries and regions
- The Corporate Evolution program aims to create a flexible, adaptive business system for efficient work with underlying assets and the rapid integration of new assets, while ensuring maximum speed and flexibility in processes related to management as well as executing and adopting decisions
- The Talent Management program consists of objectives to build a succession pipeline and staff rotation programs in key positions for new foreign projects.