Adnoc, SLB, Patterson-UTI close Turnwell JV

Adnoc Drilling Company on Tuesday announced the closing of the Turnwell Industries (Turnwell) joint venture (JV) between Adnoc Drilling, SLB and Patterson-UTI TW Holdings (Patterson-UTI).

Commenting on the completion of the JV agreement, Abdulrahman Abdulla Al Seiari, Chief Executive Officer, Adnoc Drilling, said, “Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s world-class unconventional energy resources, reinforcing the UAE’s position as a global leader in the responsible supply of energy. “This joint venture is a groundbreaking achievement and is already paying dividends through the significant reduction in well delivery time as seen through the first wells being delivered in record time.”

The JV cements a powerful partnership that will lead the UAE’s new unconventional energy journey. Adnoc Drilling holds a 55 per cent majority equity stake, SLB, the world’s largest oilfield services provider, holds a 30 per cent equity stake and Patterson-UTI, a leading provider of drilling and completions services in the United States, holds the remaining 15 per cent equity stake.

Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup, enabled by the resources, expertise, and strategic guidance of Adnoc Drilling, SLB and Patterson-UTI.

Turnwell is also exploring the significant potential for future opportunities in unconventional energy resources in the UAE.

Turnwell, successfully delivered the fastest well time so far, in their 144 well drilling campaign of a record 19.9 days, with an expectation for further significant efficiency gains.

On the initial wells they achieved a 13 per cent improvement in well delivery time compared to the previous record and a 53 per cent reduction in well delivery over the 4 wells in the pad.

WAM