Taqa Well Services, a fully owned subsidiary of Saudi-based Industrialisation and Energy Services Company (TAQA), announced on Tuesday the signing of a mega integrated fracturing services contract worth more than one billion Saudi riyals.
The company, majority-owned by the Public Investment Fund, said in a press statement that contract duration may extend to five years.
The scope of work includes fracturing, perforations, well testing and coiled tubing services and other engineering and third party services to deliver multistage fracturing services for conventional gas wells.
Khalid Nouh, TAQA Chief Executive Officer, said: “This award is in line with the TAQA 2021 strategy to grow the business and capture more share of critical projects such as integrated hydraulic fracturing. We are very excited with this award, and are thankful to our customers for the trust they have in TAQA and its subsidiaries.”
The statement didn't disclose details about the counter-party or project locations.
In November 2021, Saudi Aramco had awarded contracts worth $10 billion for its vast Jafurah field development, advancing its unconventional resources programme to the commercial stage.
(Writing by SA Kader; Editing by Anoop Menon)
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