Adnoc Drilling’s Turnwell is plans acceleration of drilling program

Adnoc Drilling’s JV with SLB and Patterson-UTI is now online: Adnoc Drilling has inked final agreements with US-based tech company SLB and land drilling firm Patterson-UTI Energy to form its new Turnwell JV, following the “successful start-up and operational delivery” of the first wells in the campaign, according to two separate statements (here (pdf) and here). “Unconventional” here refers to oil and gas resources trapped in subsurface reservoirs that require additional technology to unearth.

REMEMBER- Adnoc Drilling had set up the new company to recover unconventional energy resources across 144 wells in the UAE under a USD 1.7 bn contract handed out by the parent company, Adnoc, in May. Abu Dhabi alone is estimated to hold some 220 bn barrels of unconventional oil and 460 tn cubic feet of unconventional gas, Adnoc Drilling said at the time.

The JV is set to accelerate the drilling works for the 144 wells planned to be delivered as part of the program, with a “significant” number of additional wells expected to be added in its second phase, the statements said. The JV will use batch drilling to accelerate drilling works, the statement said.

Who owns how much in Turnwell? Adnoc Drilling holds a 55% stake in Turnwell, which serves as its unconventional drilling arm. SLB owns 30% and Patterson-UTI holds the remaining 15% of the JV. Patterson-UTI will provide its unconventional drilling and completion services in exchange for its minority stake. The US drilling firm will also provide a modest all-cash sum to help cover its needed working capital.

Enersol will pitch in: Enersol, a JV between Adnoc Drilling and Alpha Dhabi Holding, will support the expedition of the project through its subsidiary Gordon Technologies, which will provide measurement while drilling (MWD) tech to shorten drilling time, enhance well-bore quality and boost overall drilling efficiency.

REMEMBER- Enersol raised its stake in Gordon to 64.2% for USD 270 mn earlier in September.

The JV will reflect positively on Adnoc Drilling’s financials as of 2025, the statement added.