On Monday, US-listed global technology firm SLB announced a strategic partnership with ADNOC Drilling Company and Patterson-UTI to create Turnwell Industries LLC OPC. The joint venture aims to leverage each of the three companies’ expertise in AI, smart drilling design, completions engineering, and production solutions.
The JV will focus on accelerating the UAE’s unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation, and completion services, project management, digital capabilities, and subsurface support as part of the venture. ADNOC Drilling through its wholly owned subsidiary ADH RSC LTD will hold a 55% majority equity stake, SLB a 30% equity stake, and Patterson-UTI the remaining 15% equity stake.
“We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB’s leading position in the region deploying innovative digital, drilling, and completion technologies in developing unconventional energy resources,” said Tarek Rizk, SLB’s president for the Middle East and North Africa region. ”UAE’s unconventional energy assets hold a promising future, and we are very much looking forward to elevating their performance in a safe and sustainable way.”
يعمل مشروع Turnwell المشترك بين شركة أدنوك للحفر وشركتي Patterson-UTI وSLB على تسريع برنامج حفر وتسليم الآبار غير التقليدية بعد الانتهاء من أول بئر.
يهدف المشروع المشترك Turnwell إلى تسليم المرحلة الأولى المكونة من 144 بئراً، مما يؤدي إلى تسريع تحقيق lالإيرادات وإمكانية حفر آلاف… pic.twitter.com/Rwx4zhCYbV— ADNOC Drilling (@ADNOCDrilling) October 1, 2024
“Today marks a defining moment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration of the good program is a testament to the innovation, collaboration, and pursuit of excellence that will define our joint venture,” said Abdulrahman Abdulla Al Seiari, chief executive officer, of ADNOC Drilling.
According to Al Seiari, “Turnwell will not only unlock the immense potential of the UAE’s world-class unconventional energy resources but will also set new benchmarks for the global energy industry. We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond.”
