ADNOC Drilling Company PJSC (ADX: ADNOCDRILL) has successfully closed its joint venture agreement with SLB and Patterson-UTI, forming Turnwell Industries LLC (Turnwell). This groundbreaking collaboration is poised to advance Abu Dhabi’s efforts to unlock its vast unconventional energy resources, enhancing the UAE’s position as a leader in sustainable energy supply.
The joint venture sees ADNOC Drilling holding a majority 55% stake, with SLB controlling 30% and Patterson-UTI the remaining 15%. The strategic partnership has already achieved significant milestones, including delivering wells in record time, as evidenced by the successful completion of its first wells in under 20 days. This represents a 13% improvement in delivery time and a 53% reduction in well delivery time over multiple wells, setting a new industry benchmark.
Turnwell’s operational efficiency is driven by advanced technologies such as rotary steerable systems, cutting-edge drill bit designs, and AI-powered smart drilling designs. The company is committed to delivering low-cost, high-efficiency wells, aligning with the growing global demand for accessible and affordable energy.
Abu Dhabi’s reserves of 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas are critical to meeting future energy needs. Turnwell aims to expand its operations, initially focused on 144 unconventional wells, to support the long-term recovery of these resources.
Through its partnership with ADNOC Drilling and its subsidiary ventures, including technology-driven initiatives with Alpha Dhabi’s Enersol, Turnwell is expected to unlock significant value in the unconventional energy sector while driving sustainable energy innovation.
About ADNOC Drilling
ADNOC Drilling is the largest drilling and well completions company in the Middle East, with an extensive fleet and expertise in integrated drilling services. The company plays a pivotal role in ADNOC’s upstream business, supporting the UAE’s energy self-sufficiency and global energy demands.
