ADNOC Drilling Co., SLB and Patterson-UTI have formed joint venture Turnwell Industries LLC OPC to drill for unconventional oil and gas in the United Arab Emirates. (Source: Shutterstock)
ADNOC Drilling Co., SLB and Patterson-UTI have formed a joint venture (JV), Turnwell Industries LLC OPC, to accelerate the United Arab Emirates’ unconventional oil and gas platform, the companies announced on Sept. 30.
The JV has been awarded a contract to drill and complete 144 unconventional wells for ADNOC by the end of 2025, allowing the three companies to leverage their innovations in AI, smart drilling design, completions engineering and production solutions.
As part of the Turnwell joint venture, SLB will provide integrated drilling and stimulation and completion services, as well as project management, digital capabilities and subsurface support. Patterson-UTI will provide unconventional drilling and completion expertise, as well as a limited cash contribution to fund working capital.
ADNOC Drilling, through its wholly-owned subsidiary ADH RSC Ltd., will hold a 55% majority equity stake. SLB will hold a 30% stake and Patterson-UTI will hold the remaining 15% stake.
Recommended Reading
Belcher: Heed the Harsh Lessons from Europe’s Net-Zero Perils
2024-12-30 - The EU’s aggressive climate stance is wreaking economic havoc and mounting regulations could hurt the U.S. LNG industry.
Williams Completes Mid-Atlantic Transco Expansion Project
2024-12-30 - Williams Cos.'s Transco Southside Reliability Enhancement project is now online.
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
EQT Closes $3.5B Midstream JV With Blackstone Credit
2024-12-30 - EQT used the $3.5 billion in proceeds from the midstream joint venture deal to pay down debt.
Subsea7 Awarded Contract for Gas Field Offshore Turkey
2024-12-30 - Subsea7 will provide inspection, repair and maintenance for the Sakarya field.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.