SLB (NYSE: SLB) announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company and Patterson-UTI. The JV will enable the three companies to leverage leading innovations in AI, smart drilling design, completions engineering, and production solutions.
The joint venture (JV) will focus on accelerating the UAE’s unconventional oil and gas program, with plans to complete an initial 144 wells by the end of 2025. SLB will provide a range of services, including integrated drilling, stimulation, completion, project management, digital capabilities, and subsurface support. Ownership will be divided among ADNOC Drilling, which will hold a 55% majority stake through its subsidiary ADH RSC LTD, SLB with 30%, and Patterson-UTI with 15%.
“We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB’s leading position in the region deploying innovative digital, drilling and completion technologies in developing unconventional energy resources,” said Tarek Rizk, SLB’s president for the Middle East and North Africa region. ”UAE’s unconventional energy assets hold a promising future, and we are very much looking forward to elevating their performance in a safe and sustainable way.”
“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, chief executive officer, ADNOC Drilling. “Turnwell will not only unlock the immense potential of the UAE’s world-class unconventional energy resources but will also set new benchmarks 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.”
