Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced today that it would acquire AZR Technologies, a Dhahran-based Electric Wireline Well Logging Company. The transaction is part of TAQA’s strategy to expand its Oilfield Services capabilities in the Middle East and North Africa region.
By acquiring AZR Technologies, TAQA Oilfield Services and Equipment (TAQA-OFSE) (a subsidiary of TAQA) will deliver petrophysical, reservoir, and geological data critical to well performance and reservoir evaluation in both rig and rigless operations. It will also expand its well intervention capabilities by offering bundled wireline services and coiled tubing conveyance for well diagnostics, repair, and remediation solutions. This strategic acquisition of AZR Technologies will allow TAQA OFSE access to the Electric Wireline well logging market that is valued at more than 1.5B SAR per year in the Kingdom of Saudi Arabia.