ADNOC Drilling, SLB and Patterson-UTI close deal for Turnwell joint venture
ADNOC Drilling Company has announced the closing of the Turnwell Industries joint venture (JV) between ADNOC Drilling, SLB and Patterson-UTI.
鈥淐losing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE鈥檚 world-class unconventional energy resources, reinforcing the UAE鈥檚 position as a global leader in the responsible supply of energy,鈥 said Abdulrahman Abdulla Al Seiari, Chief Executive Officer, ADNOC Drilling.
鈥淭his 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.鈥
The JV cements a powerful partnership that will lead the UAE鈥檚 new unconventional energy journey. ADNOC Drilling holds a 55% majority equity stake, SLB, the world's largest oilfield services provider, holds a 30% equity stake and Patterson-UTI, a leading provider of drilling and completions services in the United States, holds the remaining 15% 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.
So far in its 144 well drilling campaign, Turnwell successfully delivered the fastest well time with a record 19.9 days, and an expectation for further significant efficiency gains. On the initial wells, they achieved a 13% improvement in well delivery time compared to the previous record and a 53% reduction in well delivery over the 4 wells in the pad.
Today, Abu Dhabi holds an estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place. The recovery of these resources will require thousands of wells to be delivered, well over and above the initial 144 wells.
Turnwell will leverage innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE鈥檚 unconventional energy needs and resources. Turnwell also benefits from a direct relationship with ADNOC Drilling鈥檚 JV with Alpha Dhabi, Enersol, which is investing in, and acquiring the IP of, innovative energy services technology companies that bring greater operational efficiency.