Driven by our desire to support the success of Saudi Arabia’s Vision 2030, a dire need for regional Oilfield Services and Equipment (OFSE) suppliers in the Middle East to service our National Oil Companies (NOCs), and our own vision to become the region’s leading OFSE champion, TAQA is on a fast track to pursuing our Company and our Nation’s goals.
The Middle East and North Africa (MENA) region oil and gas resources account for more than 55% of the world’s oil reserves, more than 40% of gas reserves and 30% of global oil supplies, however the high degree of NOCs dependence on multinational OFSEs has historically deterred national efforts in the many oil-producing countries to create national or regional OFSEs resulting in the fact that there is no significant local OFSE company in the MENA region. TAQA is determined to change this.
We are developing the technologies, products, services and nurturing the young, local talents that are needed by the NOCs to find and produce the natural resources our region has in abundance. Our 2021 strategy paves the way forward for TAQA to become among the leading regional OFSE companies. Our detailed plan is anchored by three main themes; creating value, sustaining value and realizing value. We will grow and strengthen the position of our businesses by increasing capacity, building capabilities and expanding into higher-tier services, targeting organic and inorganic growth to build a suite of services and capabilities across drilling, completion, and production services and by growing and strengthening our position in KSA and expanding throughout the region. We will sustain value by demonstrating excellence in service quality, safety, and environmental performance and by building systems and capabilities that exceed customer expectations and industry standards and by optimizing our costs and operational profitability by in part acquiring differentiated technologies that innovatively and efficiently solve customer challenges.
Lastly, we will realize value by transforming our operating model and unlocking synergies across our businesses as part of our detailed optimization plan to maximize value realization for our customers, shareholders and stakeholders. With good coverage across the Oilfield services and equipment value chain TAQA will continue building capabilities and is well positioned to become the regional OFSE leader.
Dr. Aabed A. Al-Saadoun
Chairman of the Board of Directors & Chairman of the Executive Committee