ADNOC Drilling announced today the establishment of “Turnwell,” a joint venture with SLB and Patterson-UTI, to accelerate the delivery of 144 unconventional oil and gas wells. This follows the successful completion of initial wells in the program, according to a statement seen by Sky News Arabia.
Through its wholly-owned subsidiary, ADH RSC LTD, ADNOC Drilling signed final agreements with SLB and Patterson-UTI to create the Turnwell joint venture. ADNOC Drilling will own a majority stake of 55%, with SLB holding 30% and Patterson-UTI owning the remaining 15%.
Turnwell has been equipped with advanced capabilities and technologies to serve as ADNOC Drilling’s arm for delivering unconventional energy drilling services. It will execute a contract valued at AED 6.24 billion to provide drilling and related services for 144 unconventional oil and gas wells.
ADNOC Drilling said in the statement that due to Turnwell’s efficient and successful operations, ADNOC has accelerated the timeline for the program’s completion. The economic benefits of this acceleration are expected to positively impact ADNOC Drilling’s revenues for 2025 and lead to long-term growth by potentially expediting the second phase, which includes thousands of wells.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented on the acceleration: “Today marks a significant milestone for Turnwell and our key partners, SLB and Patterson-UTI. The accelerated delivery of the wells is a testament to the efficiency of our operations and the advanced technologies we employ. It encourages us to continue on our path of excellence and collaboration, which will remain the core approach of the joint venture.”
He added, “Turnwell will set new standards for the global energy industry, playing a pivotal role not only in exploring and extracting unconventional energy resources in the UAE but also in shaping the future of energy responsibly.”
To meet the accelerated timeline, Turnwell has adopted the batch drilling method, which enhances efficiency and reduces costs. Additionally, companies such as Gordon Technologies, which provides Measurement While Drilling (MWD) technology, and Enersol will support the delivery of these wells. MWD technology reduces drilling time, improves wellbore quality, and boosts overall drilling efficiency.
Enersol’s participation in this program is significant, as it is a tech-focused venture established by ADNOC Drilling in partnership with Alpha Dhabi Holding. Enersol holds a 67.2% stake in Gordon Technologies.
Turnwell’s use of Enersol’s technology presents significant opportunities for Enersol to enter and grow in the Middle Eastern market while strengthening its presence in traditional markets, according to the statement.
SLB is a global technology company known for driving innovation for a balanced planet. The company has extensive experience in exploring unconventional oil and gas resources in the Middle East and worldwide.
Patterson-UTI, listed on the NASDAQ, is one of the leading oilfield services companies in North America, contributing significantly to the development of unconventional energy resources in the U.S.
