ADNOC Drilling owns a 55% stake, SLB holds 30% and Patterson-UTI has a 15% stake. Credit: MR. Zanis/Shutterstock.

ADNOC Drilling has announced the closing of an agreement to form a joint venture (JV) with SLB and Patterson-UTI, named Turnwell Industries.

ADNOC Drilling holds a 55% stake in the JV, with SLB holding 30% and Patterson-UTI 15%.

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ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: “Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s (United Arab Emirates] 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 has already made strides with its initial 144 unconventional wells, showcasing operational efficiency with the fastest well completion in just 19.9 days.

Turnwell’s performance has exceeded expectations, achieving a 13% improvement in well delivery time and a 53% reduction in well delivery for the four wells on a single pad.

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Abu Dhabi is estimated to have 220bbbl of unconventional oil and 460tcf of unconventional gas in place.

The JV aims to drill thousands of wells to tap into these resources, far exceeding the initial 144.

Turnwell will utilise innovations in AI-driven smart drilling design, completions engineering and production solutions to efficiently meet and secure the UAE’s unconventional energy requirements.

Additionally, Turnwell benefits from its direct link to ADNOC Drilling’s JV with Alpha Dhabi, Enersol, which invests in and acquires intellectual property from innovative energy services technology companies to enhance operational efficiency.

Recently, ADNOC signed a 15-year sales and purchase agreement (SPA) with Germany’s EnBW for the supply of 600,000 tonnes per annum (tpa) of lower-carbon liquefied natural gas (LNG) from the Ruwais LNG project.

The Ruwais LNG project is expected to start deliveries to EnBW in 2028.