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SLB, ADNOC Drilling, and Patterson-UTI Form Turnwell JV to Advance UAE’s Unconventional Energy

Author

Slice of Energy Team
October 03, 2024

Key Highlights:

  • SLB, ADNOC Drilling, and Patterson-UTI form Turnwell JV.

  • 144 wells to be completed by the end of 2025.

  • SLB to provide integrated drilling, stimulation, and project management.

  • ADNOC Drilling holds a 55% equity stake, SLB 30%, and Patterson-UTI 15%.

Source: Business Wire

Notable Quotes:

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“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.”

Tarek Rizk, President of Middle East and North Africa region at SLB
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"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."

Abdulrahman Abdulla Al Seiari, CEO at ADNOC Drilling

Our Take:

The formation of Turnwell Industries LLC is a significant step toward the UAE’s ambition of leading the global unconventional energy sector. This joint venture underscores the growing importance of integrating cutting-edge AI, smart drilling designs, and completion engineering to enhance the efficiency and sustainability of energy production. With SLB, ADNOC Drilling, and Patterson-UTI bringing their complementary strengths to the table, this partnership is set to not only accelerate the UAE’s unconventional oil and gas program but also establish new benchmarks for innovation in the global energy market.