Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced Sunday that its drilling subsidiary - Arabian Drilling Company (ADC) - has agreed to acquire Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq, and Pakistan for USD415 million (SAR 1.56 billion).
Aramco CEO Amin al-Nasser said that Aramco plans to start exporting gas in 2025, adding that TAQA and ADC acquisition of rigs in Kuwait, Iraq, Pakistan, and Oman is a significant matter.
He noted that through this deal, ADC will turn from a local company to a regional one and will be one of the biggest companies on the level of the Middle East.
Further, the total number of rigs will increase from 39 to 67, he affirmed
Azzam Shalabi, TAQA executive manager, confirmed that ADC will be in charge of drilling in Kuwait, Iraq, Oman, Pakistan in addition to Saudi Arabia.
Shalabi said the transaction also follows on from ADC’s accelerated expansion activity in 2018 when 16 rigs were commissioned with investments worth USD533 million (SAR2 billion).
Ministry of Energy, Industry and Mineral Resources for Corporate Affairs and TAQA chairman Dr. Abid al-Saadoun said the deal would make the firm one of the biggest companies specialized in drilling in the region.
Saadoun added that TAQA aspires to acquire companies, services, and techniques to expand the kingdom works in drilling. These acquisitions would stand out in competition in the sector, stressing that the firm is operating based on commercial foundations.
The current plan is to deepen the company’s presence in the five countries, especially Iraq, he continued.
