ADNOC Drilling announced Tuesday that it had closed an agreement to create Turnwell Industries LLC OPC. The new firm is a joint venture between ADNOC Drilling, SLB and Patterson-UTI TW Holdings LLC.
“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,” ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said in a statement.
“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.”
ADNOC Drilling will hold a 55 per cent majority stake in the new firm, with SLB, the world’s largest oilfield services provider holding 30 per cent, and Patterson-UTI, a drilling and completions services provider, holding the remaining 15 per cent.
Turnwell has already 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.
In a statement, ADNOC Drilling said: “Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources. Turnwell also benefits from a direct relationship with ADNOC Drilling’s JV with Alpha Dhabi, Enersol, which is investing in, and acquiring the IP of, innovative energy services technology companies that bring greater operational efficiency.”
Abu Dhabi holds some estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place, recovery of these staggering assets will require many thousands more wells above the initial 144 wells Turnwell has already accounted for.
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