The Industrialization and Energy Services Company (TAQA), owned by the Public Investment Fund and other investors in the Kingdom of Saudi Arabia, announced its intent to acquire Azar Technologies, a company that specializes in recording electrical measurements for oil and gas wells.
The deal is part of TAQA’s strategy to expand the capabilities of its oilfield services in the MENA region, and will provide energy for oilfield services and equipment (a subsidiary of TAQA), through the acquisition of Azar Technologies, petrophysical data, reservoir data and critical geological data. To perform wells and assess reservoirs in both exploration, well maintenance and production development operations.
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 the field of recording and measuring electrical wells, whose value is estimated at more than 1.5 billion riyals annually.
Executive Vice President of Operations at Energy Jameel Al-Nasser said: “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 Saudi Aramco’s“ IKTVA ”program and to developing national suppliers, the relationship and investment has been expanded. At Azar, to develop as a world-class well-electrical measurement company, it has the ability to provide the most recent petrophysical, 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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