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PART TWO
OAPEC Activities in 2012
3. Manpower and Training
Employees began to return to work gradually from 20 August 2011, as
needed. With effect from 1 February 2012 management issued instructions
to all national employees to return to full time work. The company employs
822 nationals, 14 Arabs, and 5 foreigners, totaling 841 employees.
4. Company Activities in the First Half of 2012
The first six months of 2012 saw a stable demand for drilling operations.
The drilling market has not witnessed demand for more rigs. Yet, some
companies minimized their drilling programs, urging many drilling
contractors to reduce the number of operating rigs. The impact was the
release by ADWOC of one of its rigs. However, the company returned the
rig back to operation, and reduced the rig operating cost.
The base country has not seen any notable drilling activity. This was
attributable, among other causes, to the delayed approval of petroleum
companies’ budgets, where 18 rigs are currently out of operation in the
country, not all in good condition. Demand for drilling services is expected
to improve after the relative regression of the global financial crisis
implications for certain institutions and countries.
5. Company Budget Highlights for 2012
Budget was approved for the period from 1 January 2012 to 31
December 2012. The company management expects the total income
for the period to total US$58,454,000, and the expenses to amount to
US$51,056,000, bringing the net profit to US$7,398,000, and cash earnings
to US$20,555,000.
Capital budget was also approved for the period from 1 January
2012 to 31 December 2012 of US$14,154,000 for Libya operations, and
US$1,000,000 for Syria operations, totaling US$15,154,000.
