(TAQA) to acquire Azar Technologies

85

Saudi Arabia’s Energy Manufacturing and Services Company (TAQA) announced yesterday that it will acquire Azar Technologies, a company that specializes in recording electrical measurements for oil and gas wells, based in Dhahran. The deal is part of TAQA’s strategy to expand the capabilities of its oilfield services in the MENA region.

According to a press release by the company yesterday, “TAQA” for oilfield services and equipment, “a subsidiary of TAQA”, will provide, through the acquisition of Azar Technologies, petrophysical data, reservoir data and geological data important to well performance and reservoir evaluation in 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. The strategic acquisition of oilfield services and equipment is also possible by expanding the field of recording and measuring electric wells, whose value is estimated at more than 1.5 billion riyals annually in Saudi Arabia.
Commenting on this acquisition, Jamil Al Nasser, Executive Vice President of Operations at TAQA, said, “Today’s announcement represents another important step forward in pursuit of our corporate strategy that is fully in line with the Kingdom’s 2030 vision.”

He added, “Our relationship with Azar began in the past as a local supplier of electrical measurements for our flexible piping operations, and based on Taqah’s commitment to the ” IKTVA “program and to developing national suppliers, we decided to expand the relationship and invest in Azar to develop it as a world-class well-electric measurement company with capacity. To provide our customers with the latest petrophysical data, reservoir data and geological data of outstanding quality.
“Thanks to this acquisition and an ambitious investment plan, they will continue to focus on developing performance and achieving our goals through our integrated product package,” he said, adding, “We are fully prepared to implement our investment and implementation plans to achieve our common goals with our customers and the desired value for our shareholders.”

The acquisition is expected to be completed in the next six weeks, after which Azar will begin to fully integrate into energy operations for oilfield services and equipment, benefiting from further cooperation and support.