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
Small Steps: The Continuous Journey of Drilling Automation
2024-12-26 - Incremental improvements in drilling technology lead to significant advancements.
Range Resources Counters M&A Peer Pressure with Drilling Efficiencies
2024-11-14 - Range Resources doesn’t feel the need to give into M&A peer pressure as it focuses on the efficient development of its current asset base, President and CEO Dennis Degner tells Hart Energy.
From Days to Minutes: AI’s Potential to Transform Energy Sector
2024-11-22 - Despite concerns many might have, AI looks to be the next great tool for the energy industry, experts say.
Microseismic Tech Breaks New Ground in CO2 Storage
2025-01-02 - Microseismic technology has proved its value in unconventional wells, and new applications could enable monitoring of sequestered CO2 and facilitate geothermal energy extraction.
TGS to Reprocess Seismic Data in India’s Krishna-Godavari Basin
2025-01-28 - TGS will reprocess 3D seismic data, including 10,900 sq km of open acreage available in India’s upcoming 10th Open Acreage Licensing Policy (OALP) bid round blocks.
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.