Arab Petroleum Services Company (APSCO)
The agreement establishing this company was signed on 1975. APSCO was formally founded in Tripoli, Libya, in January 1977 with all OAPEC member countries as shareholders.
The company’s authorized capital was 100 million Libyan dinars. The task of APSCO was to provide petroleum services by creating subsidiaries, which specialize in one or more branches of petroleum services.
APSCO has thus far established three subsidiaries:
A . The Arab Drilling and workover Company (ADWOC)
ADWOC was established in Tripoli, Libya, in February 1980. The Company is the main subsidiary of the Arab Petroleum Services Company, which owns 40% of its equity. The other shareholders are APICORP (20%), and the Kuwaiti owned Santa Fe International Company (40%). The mission of ADWOC involves onshore and offshore drilling operations, well maintenance, drilling water wells, and performing other technical operations associated with drilling in member countries, as well as other countries.
The Company owns fourteen drilling rigs operating in Libya, Syria and Jordan. It has also established workshops, storage facilities, and a division for the maintenance and testing of equipment, supply of rigs, and the production of oxygen and nitrogen.
B . The Arab Well Logging Company (AWLCO)
AWLCO is a wholly owned subsidiary of the Arab Petroleum Services Company that was established in Baghdad, Iraq, in March 1983. The company specializes in performing well logging and perforation operations, and other well-related technical operations necessary for the discovery and development of oil fields.
C . The Arab Geophysical Exploration Services Company (AGESCO)
AGESCO was established in Tripoli, Libya, in 1984. The Arab Petroleum Services Company has a 40% stake in the company. Other shareholders include APICORP (10%), the Libyan National Oil Corporation (10%), and Halliburton Geophysical Services Company (40%). AGESCO performs geophysical surveys using the latest technology.