NOC General Assembly Approves NAGECO 2026 Plans and Reaffirms Support for Strategic Projects

The General Assembly of the North Africa Geophysical Exploration Company (NAGECO) held its annual meeting on Tuesday afternoon, 30 December 2025, at the headquarters of the National Oil Corporation (NOC), chaired by NOC Chairman Eng. Masoud Suleiman Musa, in his capacity as head of the General Assembly, in the presence of NOC Board members and the Board of Directors of NAGECO, led by Eng. Majed Ali Al-Arbad, Head of the Management Committee, as well as Dr. Marwan Al-Mahdi Aqila and directors, supervisors, and specialists from relevant departments of both the NOC and NAGECO. At the beginning of the meeting, the Chairman of the General Assembly praised the signing of the seismic survey implementation contract with Waha Oil Company, commending the efforts made in preparing the seismic crew. He also emphasized the importance of strengthening cooperation with subsidiary companies of the NOC to benefit from their services and capabilities. He further praised the progress achieved in the magnetic tape digitization project and the notable improvement in the working environment, reaffirming continued support for NAGECO to restore its position in the market, provide the necessary requirements for the Waha project, and enhance youth empowerment and national workforce readiness. For his part, the Head of the Management Committee, Eng. Majed Ali Al-Arbad, reviewed the challenges and obstacles related to the Waha project in concession areas (M.N 12–13). He also presented planned agreements and projects for 2026, which include the establishment of a High-Performance Seismic Data Processing Center (DPC), the preparation of Field Crew (203), and the execution of a marine seismic survey, following communication with the Marine Technology Center of the Turkish Petroleum Corporation and the NOC’s approval to proceed with negotiations and coordination with the Turkish side. The meeting also reviewed a Memorandum of Understanding signed with the Libyan Electronic Aviation Authority to cooperate in the use of drone technology in exploration activities. On the financial side, Dr. Marwan Al-Mahdi Aqila, Member of the Administrative and Financial Committee, presented the company’s financial status, including a comparative analysis of expenditures for 2024 and 2025, as well as discussions on the proposed operational and capital budgets for 2026. He confirmed that the company has fully met all its financial obligations and settled all dues, with no outstanding liabilities remaining. The Chairman of the General Assembly also praised efforts in occupational health and safety, highlighting that no incidents were recorded during the transfer of seismic crew (206) to the Waha site. The meeting concluded with the General Assembly reaffirming its full support for NAGECO, appreciating the company’s efforts and achievements in advancing its operations and strengthening its performance.