TAQA, Archer ink deal to establish oil and gas services company
Joint venture (JV) agreement was signed between Industrialization and Energy Services Company (TAQA) and Archer Assets Ltd. UK. The JV company will cover wireline and mechanical intervention services for oil and gas wells,
The JV with Archer will complement other TAQA service offering aiming to develop a Saudi integrated oilfield services via long-term partnership investments with service providers. The new JV company is expected to commence operations at the end of this year after completing all legal and start-up preparations. Adel Al-Ghadhban, acting CEO of TAQA, David King, CEO of Archer, signed the agreement at TAQA headquarters in Alkhobar in the presence of Mohammad Y. Rafie, chairman of Taqa board of directors.
Rafie said the partnership with Archer will serve TAQA’s strategic objectives to localize energy services, transfer technology and expertise, train Saudi task force and create jobs. King said that he is pleased with the partnership and cooperation with TAQA to enrich Archer presence in the Middle East and support TAQA in achieving their strategic objectives.
Al-Ghadhban added that the agreement represents an important milestone toward increasing TAQA’s presence in the oil and gas sector and commitment to support the Kingdom’s oil and gas exploration, drilling, and production operations. It is stated that there are no national companies currently providing the services that will be offered by TAQA-Archer JV.