ADNOC Drilling, through its wholly-owned subsidiary ADH RSC LTD, has signed final agreements to establish the Turnwell joint venture with SLB and Patterson-UTI. Following the completion of the joint venture and under the agreement, ADNOC Drilling, through its wholly-owned subsidiary, will own a majority stake of 55 percent, with SLB holding a 30 percent stake and Patterson-UTI the remaining 15 percent stake.
Turnwell was established and equipped with advanced capabilities and technologies to be the arm of ADNOC Drilling to provide drilling services in the field of unconventional energy, and to implement a contract worth AED 6.24 billion awarded to… ADNOC Drillingto provide drilling and associated services to deliver 144 unconventional oil and gas wells.
ADNOC Drilling said in the statement that following the successful and efficient start of Turnwell and the efficiency of its delivery operations, ADNOC has accelerated the timeline for completing the program. The economic benefits of this acceleration will be reflected in ADNOC Drilling’s revenues for the year 2025 and long-term growth through the potential acceleration of the second phase, which includes thousands of wells.
Commenting on the acceleration of the well delivery program, Abdul Rahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said: “Today represents an important and important date for Turnwell and for our two main partners, SLB and Patterson UTI. The acceleration of the well delivery program is a testament to the efficiency of our operations and the development and effectiveness of the technologies and innovations that we employ, and encourages us to continue… Continuing the path of excellence and cooperation, which is the approach that the joint project will maintain.”
He added: “Turnwell will contribute to setting new standards for the global energy industry and its role will not only be limited to exploring and extracting unconventional energy sources in the UAE. We are proud to be in the leadership to responsibly shape the future of energy in the UAE and the world.”
To complete the phase on an accelerated schedule, Turnwell adopted batch drilling, a method that enhances efficiency and reduces costs. In addition, Gordon Technologies, a leading provider of Measure While Drilling (MWD) technology, and Enersol, will support the delivery of these wells. The measurement-while-drilling technology contributes to reducing drilling time, improving wellbore quality, and enhancing overall drilling efficiency.
The participation of Enersol companies in the implementation of this program is important. Note that Enersol is a technology-focused investment project created by ADNOC Drilling in partnership with Alpha Dhabi Holding. Enersol owns a 67.2 percent stake in Gordon Technologies.
Turnwell’s use of Enersol’s technology provides Enersol companies with significant opportunities to enter and grow in the Middle East market, while continuing to strengthen their presence in traditional markets, according to the statement.
It is noteworthy that SLB is a global technology company that works to enhance innovation for a balanced planet. The company has extensive experience in exploring unconventional oil and gas sources in the Middle East and around the world.
Patterson-UTI (Nasdaq) is one of North America’s leading oilfield services companies and has made significant contributions to the development of unconventional energy sources in the United States.
