The second technical meeting between NOC and Acacus Oil Operations Company was held on Monday, 09.10.2019, to discuss the company’s activities, production rates of oil and associated gas, the approved budget in this regard, the actual expenses for 2019 and the accumulated deficit and proposed budgets.
The various activities carried out by the company in 2019, including developmental drilling, reservoir and laboratory studies, maintenance works and other projects, approved capital budgets in particular and company’s objectives and programs for the year 2020, in addition to the various difficulties and security challenges faced by the oil field, which impedes its efforts to achieve its goals of production, especially in the exceptional circumstances experienced by the country as well as the performance of the fields and their oil reserves were reviewed during the meeting.
All attendees were called to intensify and unify efforts, stressing that the biggest obstacle in the current stage is the failure to provide the necessary budgets on time which prevents the ability of Akakos Oil Operations Company and National Oil Corporation to achieve their targets and fully implement the plans.
The meeting was attended by Director of the Reserve Development Department, Director of Maintenance and Projects Department, Director of Production Department, a number of specialists from the technical and financial departments and representatives of Al-Jouf Company and Libyan oil Institute as well as Chairman of the Management Committee, Member of the Management Committee for Engineering and Projects, a number of directors, specialists and representatives of the second party.
