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 1. You are here:  
 2. Home
 3. Industry
 4. Joint venture to accelerate UAE's unconventionals development


JOINT VENTURE TO ACCELERATE UAE'S UNCONVENTIONALS DEVELOPMENT

Details 30 September 2024

The joint venture will leverage innovations in AI, smart drilling design,
completions engineering and production solutions to accelerate the UAE’s
unconventional oil and gas well programme. (Image source: SLB)

Industry


> SLB, ADNOC Drilling Company and Patterson-UTI are joining forces to create a
> new joint venture, Turnwell Industries LLC OPC, which will leverage
> innovations in AI, smart drilling design, completions engineering and
> production solutions to accelerate the UAE’s unconventional oil and gas
> programme
> 
> This follows the successful and efficient delivery of the first wells in the
> campaign.
> 
> SLB will provide integrated drilling, stimulation and completion services, as
> well as project management, digital capabilities and subsurface support as
> part of the venture. ADNOC Drilling, through its wholly owned subsidiary ADH
> RSC LTD, will hold a 55% majority equity stake, SLB a 30% equity stake and
> Patterson-UTI the remaining 15% equity stake.
> 
> Turnwell was established to be the unconventionals drilling arm of ADNOC
> Drilling and execute a US$1.7bn contract, awarded to ADNOC Drilling, to
> provide drilling and associated services to deliver 144 unconventional oil and
> gas wells. Following Turnwell’s efficient and successful start-up and
> operational delivery, ADNOC has accelerated the campaign’s completion
> timeline. The economic impact of the acceleration will benefit ADNOC
> Drilling’s 2025 earnings as well as its long-term growth through the potential
> acceleration of phase two with thousands of wells.
> 
> 
> DEPLOYING INNOVATIVE TECHNOLOGIES
> 
> "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 programme is a testament to the
> innovation, collaboration and pursuit of excellence that will define our joint
> venture,” said Abdulrahman Abdulla Al Seiari, chief executive officer, 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."
> 
> To achieve this accelerated timeline, Turnwell has adopted batch drilling,
> which improves efficiency and reduces costs. The involvement of Gordon
> Technologies, a provider of Measurement While Drilling (MWD) technology and an
> Enersol company, is also set to enhance efficiency. MWD technology reduces
> drilling time, improves well-bore quality, and increases overall drilling
> efficiency.
> 
> Abu Dhabi holds an estimated 220bn barrels of unconventional oil and 460 TCF
> of unconventional gas in place.

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