Latest news with #ARGAS
Zawya
6 days ago
- Business
- Zawya
TAQA Saudi Arabia announces CEO transition as part of strategic growth agenda
DHAHRAN, Saudi Arabia/PRNewswire/ -- Industrialization and Energy Services Company ("TAQA"), a global leader in energy and industrial services, today announced that Khalid Nouh will step down from his role as Chief Executive Officer, effective 31 May 2025, as part of the company's ongoing evolution and long-term strategic growth agenda. Since his appointment in 2019, Khalid Nouh has been instrumental in transforming TAQA into a unified global organization. Under his leadership, the company successfully integrated a series of value-driven acquisitions, including Tendeka (Completions), AZR (Wireline), OPT Chemicals, Cougar Drilling Solutions, Oliden Technologies, and AlMansoori Petroleum Services (AMPS). These integrations positioned TAQA as a fully integrated energy services provider with more than twelve service lines and 5,500 employees across global markets. During his tenure, TAQA digitized its business operations under a single platform, launched Centers of Excellence in Drilling, Completions, and Intervention, and established TAQA Geothermal, aligning the company with regional energy transition ambitions. Additionally, Khalid played a key role in positioning ARGAS to support mineral exploration initiatives. Under his guidance, the company achieved remarkable revenue growth, driven by strategic execution and operational excellence. With this solid foundation in place, TAQA is now focused on accelerating its next phase—expanding market presence and driving innovation. To lead this new chapter, the Board of Directors has appointed Adel Al-Ghadhban as Interim Chief Executive Officer, effective 1 June 2025. Al-Ghadhban currently serves as Executive Vice President – Ventures & Chief Investment Officer and brings over 30 years of experience in multiple energy sectors including portfolio management and finance across the energy and manufacturing sectors, including 20 years with TAQA. He was responsible for leading the company's group legal, risk, and compliance functions, and guiding strategy for TAQA's portfolio companies. He also serves on the boards of several TAQA subsidiaries, including ARGAS as Vice Chairman, Cougar Drilling Solutions, TAQA Drilling Solutions (Canada), and was in board leadership roles at ALAR and JESCO. Khalid Nouh, Outgoing CEO, said: "It has been an extraordinary journey and a privilege to lead TAQA through a period of remarkable growth and transformation. I am proud of what we've built together—a global platform with strong capabilities and a focus on sustainable, profitable growth. I leave confident in the company's direction and leadership, and excited to see it reach even greater heights." Ahmed Al Zahrani, Chairman of the Board, stated: "On behalf of the Board, I want to thank Khalid Nouh for his exceptional vision and dedication. He played a pivotal role in shaping TAQA into the global leader it is today—delivering on strategy, strengthening our service offering, and transforming the organization into ONE TAQA. As we look to the future, we are confident that Adel Al-Ghadhban will build on this legacy with a sharp focus on performance, innovation, and growth." Adel Al-Ghadhban, Interim CEO, commented: "I am honored to take on this role at such a defining moment in TAQA's evolution. We have a strong foundation, a clear vision, and exceptional teams around the world. I look forward to working closely with our people, partners, and clients to build on our achievements and accelerate our strategic growth." About TAQA Founded in 2003, TAQA is an international company headquartered in Dharan that offers leading well solutions for the energy industry and is creating value and opportunity for all its stakeholders. TAQA has more than 5,500 people in more than 20 countries and serves multiple markets. TAQA offers a complete well solutions portfolio that includes Coiled Tubing and Stimulation, Cementing, Wireline, Frac, Directional Drilling, Downhole Tools, Completions, Well Testing, Slickline, Inspection, and H2S & Safety. SOURCE TAQA
Zawya
22-04-2025
- Business
- Zawya
Jordan launches seismic survey in Jafr to boost oil, gas exploration
AMMAN: Jordan on Monday launched a high-resolution 3D seismic survey covering 4,285 square kilometres in the eastern Jafr region of Maan Governorate, as part of its national strategy to explore oil, gas, and other natural resources. The survey is being conducted in partnership with the Arabian Geophysical and Surveying Company (ARGAS), a subsidiary of Saudi Arabia's Public Investment Fund. With a budget of JD22 million, the eight-month operation is expected to yield critical geological data that could lay the groundwork for future exploration. The results of the survey will be available within 24 months. Once data is verified, the area will be opened to specialised energy companies as a potential investment opportunity, according to a Ministry of Energy and Mineral Resources statement. The project, funded through revenues from the Hamza oil field, aligns with the Economic Modernisation Vision (2023–2025), which aims to enhance Jordan's energy and mining sectors. During a recent field visit, Energy Minister Saleh Kharabsheh highlighted the project's strategic importance, describing it as a cornerstone of the Kingdom's efforts to harness its domestic resources. He noted that while previous exploration has taken place, this initiative stands out due to the advanced technology and scale of the survey. 'Only 5 per cent of Jordan's land has been covered by 3D seismic surveys so far,' the minister said, underscoring the need to expand exploration. He added that an international firm will be contracted to process and interpret the data. The agreement with ARGAS, signed in October 2024, represents the beginning of deeper cooperation in energy exploration between Jordan and Saudi Arabia. The company is conducting the seismic study in line with international standards and a strict project timeline. The survey aims to map underground geological formations and create a data-driven foundation for exploratory drilling. It is also expected to boost Jordan's appeal to international energy investors. Director of Petroleum and Oil Shale at the ministry Bahjat Adwan said the project is expected to create around 400 jobs, with priority given to local residents in the Jafr area. He added that it complements ongoing projects in the Hamza and Sarhan oil fields, supporting Jordan's broader energy independence goals. ARGAS CEO Moath Al Rawi described the project as a strategic entry point into Jordan, noting the company's six decades of global experience in geophysical and geological surveys. Deputy CEO Hisham Al Tuwaijri echoed this sentiment, expressing confidence in the project's economic benefits for Jordan. ARGAS, a part of Saudi Arabia's TAQA Group, provides onshore and offshore survey services to international oil and gas clients. The company also specialises in data analysis, imaging, and mineral exploration and maintains a registered office in Jordan. Under the Economic Modernisation Vision, Jordan plans 50 initiatives for the energy sector and 18 for mining, including the creation of a national mining strategy and an independent geological survey authority. The mining sector currently contributes 2.2 per cent to GDP, or JD700 million. Over the next decade, the figure is projected to rise to JD2.1 billion. Employment in the sector is also expected to grow from 9,000 to 27,000 workers, while exports are projected to increase from JD1 billion to JD3.4 billion. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
21-04-2025
- Business
- Jordan Times
Jordan launches seismic survey in Jafr to boost oil, gas exploration
Jordan on Monday launches a high-resolution 3D seismic survey covering 4,285 square kilometres in the eastern Jafr region of Maan Governorate (Petra photo) AMMAN — Jordan on Monday launched a high-resolution 3D seismic survey covering 4,285 square kilometres in the eastern Jafr region of Maan Governorate, as part of its national strategy to explore oil, gas, and other natural resources. The survey is being conducted in partnership with the Arabian Geophysical and Surveying Company (ARGAS), a subsidiary of Saudi Arabia's Public Investment Fund. With a budget of JD22 million, the eight-month operation is expected to yield critical geological data that could lay the groundwork for future exploration. The results of the survey will be available within 24 months. Once data is verified, the area will be opened to specialised energy companies as a potential investment opportunity, according to a Ministry of Energy and Mineral Resources statement. The project, funded through revenues from the Hamza oil field, aligns with the Economic Modernisation Vision (2023–2025), which aims to enhance Jordan's energy and mining sectors. During a recent field visit, Energy Minister Saleh Kharabsheh highlighted the project's strategic importance, describing it as a cornerstone of the Kingdom's efforts to harness its domestic resources. He noted that while previous exploration has taken place, this initiative stands out due to the advanced technology and scale of the survey. 'Only 5 per cent of Jordan's land has been covered by 3D seismic surveys so far,' the minister said, underscoring the need to expand exploration. He added that an international firm will be contracted to process and interpret the data. The agreement with ARGAS, signed in October 2024, represents the beginning of deeper cooperation in energy exploration between Jordan and Saudi Arabia. The company is conducting the seismic study in line with international standards and a strict project timeline. The survey aims to map underground geological formations and create a data-driven foundation for exploratory drilling. It is also expected to boost Jordan's appeal to international energy investors. Director of Petroleum and Oil Shale at the ministry Bahjat Adwan said the project is expected to create around 400 jobs, with priority given to local residents in the Jafr area. He added that it complements ongoing projects in the Hamza and Sarhan oil fields, supporting Jordan's broader energy independence goals. ARGAS CEO Moath Al Rawi described the project as a strategic entry point into Jordan, noting the company's six decades of global experience in geophysical and geological surveys. Deputy CEO Hisham Al Tuwaijri echoed this sentiment, expressing confidence in the project's economic benefits for Jordan. ARGAS, a part of Saudi Arabia's TAQA Group, provides onshore and offshore survey services to international oil and gas clients. The company also specialises in data analysis, imaging, and mineral exploration and maintains a registered office in Jordan. Under the Economic Modernisation Vision, Jordan plans 50 initiatives for the energy sector and 18 for mining, including the creation of a national mining strategy and an independent geological survey authority. The mining sector currently contributes 2.2 per cent to GDP, or JD700 million. Over the next decade, the figure is projected to rise to JD2.1 billion. Employment in the sector is also expected to grow from 9,000 to 27,000 workers, while exports are projected to increase from JD1 billion to JD3.4 billion.
Jordan News
21-04-2025
- Business
- Jordan News
3D Seismic Survey for Oil and Gas Exploration Launched in Eastern Jafr - Jordan News
Jordan is placing high hopes on the results of a 3D seismic survey to uncover its wealth of oil, gas, and other natural resources across an area of 4,285 square kilometers in the Eastern Jafr region of Ma'an. اضافة اعلان The survey, conducted in cooperation with the Arabian Geophysical and Surveying Company (ARGAS), a subsidiary of Saudi Arabia's Public Investment Fund (PIF), will span eight months with a total investment of 22 million Jordanian dinars. Results are expected within 24 months, after which the region will be offered as an investment opportunity to specialized oil exploration companies. This initiative is part of the Ministry of Energy and Mineral Resources' broader strategy, which aligns with the directives of His Majesty King Abdullah II. The King has shown ongoing interest in advancing the energy sector, particularly through the implementation of the Economic Modernization Vision. ARGAS is implementing the project under an agreement signed with the ministry in October. Energy Minister Dr. Saleh Kharabsheh described the deal as the start of broader cooperation and additional future agreements. He emphasized the importance of the project, noting that it is the largest of its kind in Jordan and will provide a critical geophysical database to support well drilling for oil and gas and attract global exploration companies. Funded by revenues from the Hamza oil field, this project is part of the infrastructure development initiatives in the energy and mining sectors under the Economic Modernization Vision's executive program (2023–2025). According to the ministry, the 3D seismic survey aims to identify subsurface geological formations in preparation for exploratory drilling. Minister Kharabsheh noted during a site visit that this marks a key pillar in Jordan's pursuit of natural resources and is expected to positively impact the national economy. He added that while similar projects have been launched in the past, this one is distinguished by its use of advanced, high-precision technology that has seen significant developments in recent years. The current phase focuses on data collection, to be followed by detailed analysis. An international company will be appointed to handle data processing. The project is considered the first phase of broader geophysical surveys across Jordan. Minister Kharabsheh expressed hope for promising results, especially given that less than 5% of the Kingdom's territory has been covered by such 3D surveys to date. Director of Petroleum and Oil Shale at the ministry, Bahjat Al-Adwan, noted that the project will create around 400 job opportunities. It also aims to enhance Jordan's reliance on domestic energy sources and create jobs for local communities, particularly residents of the Jafr region. Dr. Muath Al-Rawi, CEO of ARGAS, said during the agreement signing in October that the company is one of the world's most experienced geophysical and geological survey firms, operating in several countries to explore natural resources. He stressed that the Jafr project will follow the highest standards and contribute to developing Jordanian content and reassessing the country's resource potential. Hisham Al-Tuwaijri, Deputy CEO of ARGAS, highlighted the company's extensive experience—over 60 years—in geophysical and geological surveys. He expressed enthusiasm for collaborating with Jordan in resource exploration and hopes the results will bring significant economic benefits to the country. ARGAS, which also has a registered office in Jordan, is part of the Saudi Arabian Energy Services Holding Company (TAQA), owned by the PIF. The company recently won the 3D seismic survey tender valued at 21 million dinars and specializes in geophysical surveys for oil and gas exploration both onshore and offshore, as well as natural resource discovery, data analysis, and imaging services. Jordan's Economic Modernization Vision outlines active initiatives to boost the mining sector's developmental role over the next decade. The vision includes 50 initiatives for the energy sector and 18 for mining, emphasizing the need for a national mining strategy, an independent geological survey body, and standardized data sharing. Currently, the mining sector contributes about 2.2% to Jordan's GDP—around 700 million dinars. This is projected to rise to 2.1 billion dinars within the next ten years. The sector employs over 9,000 people (0.6% of the national workforce), with expectations of surpassing 27,000. Mining exports, which now total around 1 billion dinars, are expected to grow to 3.4 billion dinars by 2033.
