In the afternoon of July 11, Liu Yuntian, director and manager of the Exploration Division (Exploration Business Unit), signed performance contracts with the managers of five exploration projects, including Red Lion, marking the official start of Qinghai Oilfield's exploration project management. The chief geologist of Qinghai Oilfield Company, Mr. Fu Locktang, and the deputy chief geologist, Mr. Chen Zhiyong, attended the signing of the performance contract of the exploration project department.

In 2008, Qinghai Oilfield comprehensively implemented exploration project management to realize the integration of responsibilities, rights and benefits, and to provide organizational safeguards for the successful completion of exploration tasks. According to the Qinghai Oilfield "Eleventh Five-Year Plan" after three years of exploration planning and oil-rich depressions control law, the Exploration Division (Exploration Division) set up the "Red Lion", "Zahaquan", The Exploration Division (Exploration Business Unit) has set up five exploration projects, namely "Red Lion", "Zahaquan", "Natural Gas", "Area" and "Reservoir Evaluation", and Gao Jian, Tao Yongjin, Ma Jianhai, Xing Peijun and Li Dexin have served as the managers of each of the five exploration projects. The implementation of exploration project management is the first time in Qinghai Oilfield. Exploration project management is an important means of accelerating the process of oil and gas exploration, targeting reserves and oil and gas discovery, centering on economic benefits, relying on scientific and technological progress and scientific management, and striving to reduce the cost of oil and gas discovery, and ensuring the completion of the annual and medium- and long-term reserves tasks.

In order to promote the implementation of exploration project management, in late February this year, Qinghai Oilfield Company organized relevant personnel to visit Changqing Oilfield, learning a lot of worthwhile management methods and exploration practice experience, after careful summary and digestion, as well as full of brewing and preparation, the formation of the "Qinghai Oilfield Company oil and gas exploration (evaluation) project management implementation rules". Exploration project management implements centralized decision-making and three-level flat management. Qinghai Oilfield Company (exploration leading group) is the decision-making level, the exploration division is the management level, and the exploration project department is the executive level.

At the meeting, the chief geologist Fu Locktang, on behalf of the oilfield company, congratulated the exploration project manager on the signing of the performance contract, he asked for a good positioning in the implementation of the exploration project management; clear investment, workload, tasks; strengthen the management, select a good team, good management of the investment, put a good quality, to increase the benefits of exploration, improve the success rate of exploration, reduce costs. Deputy Chief Geologist Chen Zhiyong encouraged the project manager to fulfill his duties and complete the task. Tao Yongjin, speaking on behalf of the project manager, said he would strive to fulfill his promise, rely on scientific and technological progress and scientific management, strive to reduce costs, take the discovery of hydrocarbons as his own responsibility, leaning forward to make decisions and command, and make unremitting efforts.