Adnoc Drilling sets up JV to boost unconventional energy sector
ABU DHABI, 5 hours, 6 minutes ago
Adnoc Drilling Company today (September 30) announced the creation of a new joint venture with global technology group SLB and PattersonUTI as well as the acceleration of its 144 unconventional oil and gas well programme, following the successful and efficient delivery of the first wells in the campaign.
The new venture, Turnwell was established as the unconventionals drilling arm of Adnoc Drilling, to execute a $1.7 billion 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.
The Abu Dhabi group, through its wholly owned subsidiary ADH RSC, has signed definitive agreements for the creation of the Turnwell joint venture (JV) with SLB and Patterson-UTI.
Focused on the UAE’s world-class unconventional energy resources, post completion of the JV, Adnoc Drilling through its wholly owned subsidiary, ADH RSC, will hold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the remaining 15% equity stake.
On the acceleration of the well program, Adnoc Drilling CEO Abdulrahman Abdulla Al Seiari said: "Today marks a defining moment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration of the well program, is a testament to the innovation, collaboration, and pursuit of excellence that will define our joint venture."
"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," stated Al Seiari.
To achieve this accelerated timeline, Turnwell has adopted batch drilling, a method that improves efficiency and reduces costs.
Additionally, Gordon Technologies, a market-leading provider of Measurement While Drilling (MWD) technology and an Enersol company, will support the delivery of these wells. MWD technology reduces
drilling time, improves well-bore quality, and increases overall drilling efficiency.
The involvement of Enersol companies in this campaign is pivotal. Enersol, a technology-focused investment JV between Adnoc Drilling and Alpha Dhabi Holdings, acquired a 67.2% stake in Gordon Technologies.
The use of technology from Enersol companies, by Turnwell, demonstrates the unique opportunities Enersol companies have to penetrate and grow in the Middle East market, while continuing to strengthen their presence in the traditional markets.-TradeArabia News Service
