• News & Knowledge
  • 9 December 2021

Saudi Arabia’s TAQA to Expand its Well Intervention and Stimulation Services by Acquiring Target Intervention

Dhahran, Saudi Arabia, 9 December 2021- The Industrialization and Energy Services Company (“TAQA”) announced today that it acquired 100% of Target Intervention Company AS (“Target Intervention”). Headquartered in Ålgård, Norway, Target Intervention specializes in the development of real-time coiled tubing tool solutions which enable real-time measurement, interpretation, evaluation, and optimization of well intervention treatments for improved reservoir productivity/injectivity.

As part of TAQA’s strategy to expand its Oilfield Services portfolio, Target Intervention will strengthen TAQA’s well intervention capabilities.

Target Intervention technology provides improved reliability and control during any coiled tubing operation through the electric operation and monitoring of all downhole tool components. Building on a strong R&D team, Target has successfully developed the CHALLENGER™ Electric Straddle Tool for multistage stimulation and the DISCOVERY™ e-DST for real-time shut-in formation testing.

“TAQA is excited about acquiring Target Intervention, a reputable company with solid expertise. This transaction aligns well with our growth and digitalization strategy.”
Jamil Al-Naser, TAQA’s Executive Vice President of Operations
“We are very excited to become part of TAQA. TAQA’s expertise will strengthen Target Intervention and solidify our position as a technology front runner within the well intervention segment.”
Monika Bakke Malmin, Target Intervention Managing Director

About Target Intervention

Target Intervention is a technology company developing the next generation of intelligent coiled tubing tool solutions to increase the productivity of oil and gas wells. The company has operations in Saudi Arabia and R&D / headquarters in Norway.

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