The Industrialization and Energy Services Company (TAQA), owned by the Saudi Public Investment Fund and other investors in the Kingdom, announced its intention to acquire Azar Technologies, a company specialized in recording electrical measurements for oil and gas wells.
An official statement distributed in Riyadh today, Saturday evening, said that this deal is part of TAQA’s strategy to expand the capabilities of its oilfield services in the Middle East and North Africa, and will provide energy for oilfield services and equipment (a subsidiary of TAQA), through the acquisition of Azar Technologies, Petrophysical, Reservoir Data and Geological Data that are critical to well performance and reservoir evaluation in both exploration, well maintenance and production development.
Thanks to the acquisition of Azar, TAQA will expand its capabilities in operations related to oil and gas wells, and TAQA for oilfield services and equipment will be able to expand in the field of recording and measuring electrical wells, whose value is estimated at more than 1.5 billion riyals annually.
“Today’s announcement represents an important step forward in pursuit of the company’s corporate strategy that is in line with the Kingdom’s Vision 2030, and based on TAQA’s commitment to the Saudi Aramco“ IKTVA ”program and the development of national suppliers has been made, said the Executive Vice President of Operations at Energy Jamil Al-Nasser “Expanding the relationship and investing in Azar to develop it as a world-class well-electrical measurement company that has the ability to provide the latest petrophysical data, reservoir data and geological data of outstanding quality to our clients.”
The acquisition is expected to be completed in the next six weeks, after which time Azar will begin to fully integrate into energy operations for oilfield services and equipment and benefit from further cooperation and support.
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