MAIN OBJECTIVES OF THE COMPANY

In 1968 the Organisation of Arab Petroleum Exporting Countries (OAPEC) was established to realise full economic and mutual co-operation between the Arab Oil Producing Countries in order to establish control over the production capabilities of the Oil Industry and its revenues in the Arab World. These revenues are then invested by Financial and Technical Companies and Institutes which contribute directly to the growth and development of the economies of the member countries of OAPEC. To fulfill these objectives the Organisation set up a number of Companies in the OAPEC Member States. Two of these Companies:
1.		The Arab Petroleum Investments Corporation (APICORP)
2.		The Arab Petroleum Services Company (APSCO)
Jointly with “Santa Fe International Services, Inc.” signed an agreement to establish an Arab Company specialising in Drilling and Workover of Oil Wells in order to participate in the most important stages in the discovery and production of crude oil. The Agreement in question led to the appearance of the first Arab Company in this field in 1979 namely, the Arab Drilling and Workover Company, a joint stock Company with a share capital of Twelve Million Libyan Dinars (LD, 12,000,000) equivalent to US$ 40 Million. The shares are divided among the partners as follows:
1	APSCO		…..	40% of the capital
2.	Global Santa Fe		…..	40% of the capital
3.	APICORP		…..	20% of the capital
The Establishment Agreement stated ADWOC should take over all the contracts, obligations and assets which belonged to Santa Fe in Libya, as well as the three rigs purchased by Arab Petroleum Services Company. The Company consequently managed to pursue operations immediately on being registered as a Company at the beginning of 1980. ADWOC was established to conduct operations throughout the Arab Countries, particularly the Oil Exporting Countries i.e. the Members of the Organisation of Arab Petroleum Exporting Countries.

Its main activities centre on the following:
1.	Conducting all operations related to the drilling and workover of oil and gas wells both onshore and offshore and the drilling of water wells and all related works.
2.	Providing warehouses and workshops for maintaining and upgrading the company’s equipment and storing all spares and equipment owned or hired by the Company.
3.	Accomplishing any other operations provided that they are related to the activities of the Company or are natural extensions thereof.
4.	ADWOC endeavors to compete with other Drilling and Workover companies in the Arab World as and when the opportunity arises.
5.	ADWOC aims, amongst other things, to create technically competent Arab hands in order to gradually dispense with foreign expertise.

				APICORP 20%