The two companies will collaborate to penetrate the hydraulic fracturing market in the Kingdom
Saudi Arabia’s Industrialization and Energy Services Company (TAQA) recently announced the signing of an agreement with Abu Dhabi-headquartered AlMansoori Petroleum Services (AMPS).
The announcement was made at the opening of this year’s International Petroleum Technology Conference (IPTC), taking place for the first time in the Kingdom of Saudi Arabia being held under the patronage of HRH Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, Crown Prince, Deputy Prime Minister and Minister of Defence.
The agreement establishes an alliance between TAQA and UAE-based AlMansoori Petroleum Services to provide high-end fully-integrated fracturing or fracking and stimulation solutions, through combination of both companies’ respective expertise and capabilities in geoscience and engineering, well-site management, well testing and flowback among other operations.
The deal allows both companies access to the growing hydraulic fracturing market which is forecast at more than SAR 2bn (US$ 533mn) in 2020.
“The alliance with a world class OFS (oilfield equipment and services) company such as Al Mansouri will expand TAQA’s capabilities and allow us access into the integrated stimulation FRAC market of Saudi Aramco, and will provide our customers with world class capabilities from a new supplier,” commented Khalid M. Nouh, Chief Executive Officer, TAQA.
“As a leading home-grown company in our field founded in the UAE, we are delighted to be working with TAQA. We look forward to working together to create triple win: for us, for TAQA, but, most importantly, for Saudi Aramco,” remarked Nabil Al Alawi, CEO, AlMansoori Petroleum Services.
TAQA, established in 2003 as a Saudi Arabian joint stock company with the Public Investment Fund (PIF) as a majority shareholder, is a leading provider of superior end to end oilfield solutions for the regions’ energy industry. It delivers equipment across the entire upstream value chain in Saudi Arabia.
