The Saudi Industrialization and Energy Services Company (TAQA), is set to significantly increase fourfold its investments over the next three years starting from 2023. The aim is to enhance its presence in the oil services industry. Aamir Naseem, executive vice president for Well Solutions at TAQA, revealed that a substantial portion of these planned investments will be directed towards the Egyptian market in the next two years. The announcement was made with the Egyptian Minister of Petroleum and Mineral Resources during discussions held at the Egypt Energy Show (EGYPES 2024). The meeting focused on TAQA’s expansion plans in Egypt, particularly in the field of well drilling services.
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The minister highlighted Egypt’s ongoing development plans, which aim to create favorable opportunities for companies interested in investing in the country.
TAQA, operating in 15 countries, leverages advanced technology to deliver oil well services and actively promotes innovation and long-term partnerships with stakeholders. According to the company’s website, TAQA Well Services serves as the growth engine for the organization, responsible for providing comprehensive well services across various service lines and geographical locations within the MENAT region.
Naseem further elaborated that the allocated investments until the end of 2026 align with TAQA’s aspirations to expand in Africa, which he described as a “promising market” within the oil sector.
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