Abu Dhabi ( BUSINESS WIRE ) - SLB today announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. The JV will enable the three companies to leverage leading innovations in AI, smart drilling design, completion engineering and production solutions.
The JV will focus on accelerating the UAE's unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation and completion services, as well as project management, digital capabilities and subsurface support as part of the venture. ADNOC Drilling, through its wholly owned subsidiary ADH RSC LTD, will hold a majority 55% equity interest, SLB a 30% equity interest and Patterson-UTI the remaining 15%.
"We are proud to join forces with ADNOC Drilling in this strategic partnership, which demonstrates SLB's leadership position in the region by deploying innovative digital, drilling and completion technologies in the development of unconventional energy resources," said Tarek Rizk, SLB's President, Middle East and North Africa. "The UAE's unconventional energy assets have a promising future and we look forward to enhancing their performance in a safe and sustainable manner."
"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," said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling. "Turnwell will not only unlock the immense potential of the UAE's world-class unconventional energy resources, but also set new standards 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."
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With an international presence in more than 100 countries and employees representing nearly twice as many nationalities, we work every day to innovate in oil and gas, delivering digital technology at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Learn more at slb.com .
About ADNOC Drilling
ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol "ADNOCDRILL"; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-disciplinary drilling fleets in the world. The company is a key link in ADNOC's upstream business as ADNOC responsibly accelerates its production capacity targets in the face of growing global energy demand. ADNOC Drilling added IDS to its portfolio in 2018 and now offers a total well solution from start to finish and associated services. To learn more, visit: www.adnocdrilling.ae .
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