•  TAQA, the Industrialization and Energy Services Company, aims to enter Egypt’s offshore oil well services sector to drive growth.

• The recent acquisition of al-Mansoori Petroleum Services in Egypt signals TAQA’s commitment to expanding its global well services portfolio.

•  TAQA plans to triple or quadruple its investments in Egypt by 2024, supported by strategic partnerships and bilateral agreements.

TAQA, the Industrialization and Energy Services Company, is eyeing investment opportunities in Egypt’s offshore oil well services sector to drive its growth targets, said TAQA’s Vice CEO of Well Solutions, Aamir Naseem, to media reports.

Currently operating in Egypt’s Western Desert under existing contracts with local oil companies, TAQA aims to leverage bilateral agreements, particularly within the Egyptian-African and Egyptian-Arab contexts, to facilitate its market entry and operations in Egypt.

In a move to bolster its global well services portfolio, TAQA completed the 100% acquisition of al-Mansoori Petroleum Services in Egypt in January 2023. 

This strategic expansion was financed through a capital increase backed by TAQA’s major shareholders, notably Saudi Arabia’s Public Investment Fund (PIF), which holds a 54% stake in TAQA.

With a keen focus on Egypt’s potential, TAQA plans to double and diversify its investments in the country, with projections indicating a three to fourfold increase in investments by 2024 compared to 2023.