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PART TWO
OAPEC Activities in 2012
4. Company Employees
In 2012 the company had 61 employees.
5. Company Financial Results
In 2011 and the first half of 2012 implementation of logging and
perforation operation continued in the fields of North Oil Company and
SouthOil Company. In2011 the companyposted a net profit ofUS$713,962,
and posted a net profit of US$603,376 in the first half of 2012.
VII. THE ARAB GEOPHYSICAL EXPLORATION SERVICES
COMPANY (AGESCO)
AGESCO was established in 1984 in Tripoli, Libya, with an authorized
and paid-up capital of LD19 million. APSCO has a stake of 66.66%,
APICORP has a stake of 16.67%, and National Oil Corporation has a stake
of 16.67% in the AGESCO.
I. Company Activities in 2011
Crew AG-002
The Crew continued their activity on concession No. MN-100 for
Arabian Gulf Oil Company, recording 219.10km2 in January and 51.05km2
in February. Afterwards, the Crew moved to work for Tatnaft Company, in
concession No. 4-82, recording 14.90km2 during the first days of February.
On 20 February, seismic activity of the crews was suspended due to the
events witnessed by Libya in 2011.
This crew recorded a total of 285.05km2 during 2011.
Crew AG-003
This crew continued work for Arabian Gulf Oil Company in concession
No. MN-7A. The crew recorded 237.27km2 in January, and 173.31km2 in
February. By the end of 2011 the crew completed a total of 410.58km2.
