Abu Dhabi – Mubasher: ADNOC Drilling Company joined forces with SLB and PattersonUTI and created Turnwell joint venture (JV) to be its unconventional drilling arm, according to a press release.
This is part of a $1.70 billion contract, awarded to ADNOC Drilling, to provide drilling and associated services to deliver 144 unconventional oil and gas wells.
The agreement will accelerate the initial scope of 144 unconventional wells for delivery by the fourth quarter (Q4) of 2025, with the potential for a significant number of additional wells in the second phase.
Through its subsidiary, ADNOC Drilling will hold a 55% majority equity stake in the JV, while SLB will own a 30% equity stake. Meanwhile, Patterson-UTI will maintain the remaining 15% shareholding.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “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.”
In order to achieve this accelerated timeline, Turnwell has adopted batch drilling, a method that improves efficiency and reduces costs.
Furthermore, Gordon Technologies, a market-leading provider of Measurement While Drilling (MWD) technology and an Enersol company, will support the delivery of these wells.
It is worth highlighting that MWD technology lowers drilling time, improves well-bore quality, and increases overall drilling efficiency.
During the first half (H1) of 2024, the ADX-listed group logged net profits valued at $570 million, an annual rise of 28% from $446 million.
