ADNOC Drilling Forms New Partnership in Unconventional Energy with SLB and Patterson-UTI
ADNOC Drilling Company has teamed up with SLB and Patterson-UTI to create a new joint venture called Turnwell Industries, focusing on unconventional energy, the company announced on Tuesday.
New Joint Venture
The new joint venture (JV) focuses on tapping into the UAE’s unconventional energy resources, such as oil and gas that require advanced methods to extract. The company plans to use cutting-edge technologies like AI-powered smart drilling, advanced engineering, and innovative production solutions to meet the UAE’s unconventional energy needs.
ADNOC Drilling owns 55% of the JV, while global oilfield services company SLB holds 30%, and US-based drilling services provider Patterson-UTI owns the remaining 15%.
“This partnership is a major milestone and has already shown success by significantly reducing the time it takes to complete wells,” said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.
Earlier this year, the JV announced plans to accelerate its first 144 unconventional wells. Thanks to the combined resources and expertise of the three partners, the JV achieved record-breaking speeds, completing its fastest well in just 19.9 days during the campaign.
In May, ADNOC Drilling signed a $1.7 billion contract to drill the 144 unconventional wells for ADNOC Group. The company also created Turnwell to handle the project.
ADNOC Drilling estimates that Abu Dhabi holds 220 billion barrels of unconventional oil and 460 trillion cubic feet (TCF) of unconventional gas.
Recent Acquisitions
Turnwell benefits from a close partnership with ADNOC Drilling and Alpha Dhabi’s joint venture, Enersol, which invests in innovative energy technology companies to improve efficiency.
- November: ADNOC Drilling and Alpha Dhabi’s Enersol agreed to buy 95% of Deep Well Services (DWS) for about $223 million. DWS is expected to help develop the UAE’s energy resources, both conventional and unconventional.
- August: Enersol purchased 100% of EV Holdings for $45 million from Dunedin, a private equity firm based in the UK.
- July: Enersol acquired 51% of NTS Amega for $58 million.
- Earlier in 2024: Enersol increased its ownership in Gordon Technologies, a U.S. drilling services company, to 67% through a $270 million deal.
Published: 18th December 2024
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