Adnoc Drilling closes Turnwell JV agreement with SLB and Patterson-UTI

Adnoc Drilling closes Turnwell JV agreement with SLB and Patterson-UTI: Adnoc Drilling closed its new Turnwell joint venture (JV) agreement with US oil and gas wells drilling companies Schlumberger Middle East (SLB) and Patterson-UTI, according to a press release (pdf). Turnwell is set to use AI technology to deliver the unconventional energy needs and resources, according to the press release.

ICYMI- Adnoc Drilling was awarded a USD 1.7 bn contract from its parent company Adnoc in May to establish the JV with the two US companies, to drill for the recovery of unconventional energy resources — found trapped in subsurface reservoir — across 144 wells in the UAE. The companies had signed final agreements for the JV in October after the “successful start-up and operational delivery” of the first wells in the campaign, which prompted the JV to accelerate drilling works and add a “significant” number of wells in its second phase of operations.

Improved delivery times: Turnwell achieved a 13% improvement in the time taken to deliver their initial wells on the back of usage of advanced measurement drilling technology, advanced drill bit designs, and new generation rotary steerable systems. The drilling joint venture also saw a 53% reduction in well delivery time over the four wells in a single drilling pad.

Equity breakdown of Turnwell: Adnoc Drilling holds a 55% majority stake in the JV, while SLB holds a 30% equity stake, and Patterson-UTI holds the remaining 15% equity stake.