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
Kimmeridge’s Dell: Every US Basin Contains Both High-quality Inventory, Risk
2024-10-05 - Inventory management is a problem for the E&P space, no matter the basin, said Kimmeridge Energy Management's Ben Dell at Hart Energy's Energy Capital Conference in Dallas.
Utica Oil E&P Infinity Natural Resources Latest to File for IPO
2024-10-04 - Utica Shale E&P Infinity Natural Resources has not yet set a price or disclosed the number of shares it intends to offer.
Private Equity Gears Up for Big Opportunities
2024-10-04 - The private equity sector is having a moment in the upstream space.
Venezuela Lost Citgo, But the Battle’s Not Over Yet
2024-10-04 - Amber Energy’s $7.3 billion purchase of Citgo fell well short of analyst’s valuations. PDVSA Ad Hoc expects to appeal the decision soon in its battle to protect its claim on Citgo.
Energy Transition in Motion (Week of Oct. 4, 2024)
2024-10-04 - Here is a look at some of this week’s renewable energy news, including the startup of a solar module manufacturing facility with an annual 2-gigawatt capacity.
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.