SLB and ADNOC Drilling Partner for Unconventional Oil and Gas
The agreement will expedite the delivery of the first phase's 144 unconventional wells by Q4 2025, with the possibility of a sizable number of additional wells in the second phase.
SLB (NYSE: SLB) has officially announced the formation of a new joint venture (JV) named Turnwell Industries LLC OPC (Turnwell). This venture is being established in collaboration with ADNOC Drilling Company, SLB, and Patterson-UTI. The primary objective of the partnership is to harness cutting-edge innovations in artificial intelligence (AI), advanced drilling design, completions engineering, and production solutions.
Focus on UAE's Unconventional Oil and Gas Program
Turnwell's primary goal is to accelerate the development of the UAE's unconventional oil and gas program. The JV aims to complete 144 wells by the end of 2025. As part of this collaboration, SLB will contribute by offering a comprehensive suite of services including integrated drilling, stimulation, and completion services. Additionally, SLB will provide project management, digital technologies, and subsurface support to enhance operational efficiency.
Equity Distribution Among Partners
Regarding ownership structure, ADNOC Drilling, through its wholly-owned subsidiary ADH RSC LTD, will hold a majority equity stake of 55%. SLB will maintain a 30% equity stake in Turnwell, while Patterson-UTI will control the remaining 15%, ensuring a balanced partnership to drive the success of this ambitious endeavour.
"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.”
“Today marks a defining moment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration of the well program is a testament to the innovation, collaboration and pursuit of excellence that will define our joint venture,” said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling. “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."
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