On April 7th, a high-level kick-off meeting was convened at the Mabrouk Oil Operations (MOO) Headquarters. The session brought together the MOO technical staff and the Audit Team, in the presence of the OMC Chairman, the Planning and Development Manager, and the Finance Manager.

The primary objective was to evaluate the Cost Allocation Framework for Mabrouk Oil Operations under the IPSA agreement, ensuring financial integrity and operational transparency.

The meeting provided a comprehensive walkthrough of the financial methodology, focusing on the following critical areas:

• Contractual & Structural Foundation: Reviewing the methodology and contractual basis, including the precise classification of CAPEX (Capital Expenditure) and OPEX (Operating Expenditure).
• Operational Cost Flow: Outlining how departmental running costs are allocated, featuring practical illustrative examples from Tripoli operations and logistics.
• Cost Integrity & Definition: Examining how “common costs” are defined, recorded, and distributed to guarantee consistency and transparency across the board.
• Compliance & Shared Services: Assessing cost drivers and the treatment of shared services to ensure strict adherence to IPSA terms and equitable allocation among participating partners.