ADNOC Drilling, SLB and Patterson-UTI Close Turnwell Joint Venture

ADNOC Drilling has announced the closing under the agreement to create Turnwell Industries, a joint venture between ADNOC Drilling, SLB and Patterson-UTI.

The JV cements a powerful partnership that will lead the UAE’s 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.

Turnwell successfully delivered the fastest well time so far, in their 144 well drilling campaign of a record 19.9 days, with 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.

Turnwell used advanced measurement while drilling technology, advanced drill bit designs, and new-generation rotary steerable systems, to reduce costs and time. The key to success for Turnwell is to deliver low-cost wells and this record sets them firmly on track to achieve this.

Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources. Turnwell also benefits from a direct relationship with ADNOC Drilling’s JV with Alpha Dhabi, Enersol, which is investing in, and acquiring the IP of, innovative energy services technology companies that bring greater operational efficiency.