ADNOC Drilling Company recently announced the creation of the Turnwell joint venture with SLB and Patterson-UTI in addition to the acceleration of its 144 unconventional oil and gas well program, following the successful and efficient delivery of the first wells in the campaign.
Through its wholly-owned subsidiary ADH RSC LTD, ADNOC Drilling has signed definitive agreements for the creation of the Turnwell joint venture (JV) with SLB and Patterson-UTI. ADNOC Drilling will hold a 55 percent majority equity stake, SLB a 30 percent equity stake, and Patterson-UTI the remaining 15 percent equity stake.
Turnwell to execute $1.7 billion contract
ADNOC Drilling established Turnwell to be its unconventionals drilling arm and execute a $1.7 billion contract that seeks to provide drilling and other services to deliver 144 unconventional oil and gas wells.
“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,” stated Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.
Following Turnwell’s efficient and successful start-up and operational delivery, ADNOC has accelerated the campaign’s completion timeline. The economic impact of the acceleration will benefit ADNOC Drilling’s 2025 earnings as well as its long-term growth through the potential acceleration of phase two with thousands of wells.
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Batch drilling to enhance efficiency, reduce costs
With the aim of delivering the wells in a shorter timeline, Turnwell has adopted batch drilling which is a method that improves efficiency and reduces costs.
In addition, it has enlisted the support of Gordon Technologies to ensure the delivery of these wells. Gordon Technologies’ measurement while drilling technology reduces drilling time, improves well-bore quality, and increases overall drilling efficiency.
The involvement of Enersol companies through Gordon Technologies in this campaign is pivotal. Turnwell’s use of technology from Enersol companies demonstrates the unique opportunities the companies have to penetrate and grow in the Middle East market while continuing to strengthen their presence in traditional markets.
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