ADNOC, SLB create JV to develop unconventional oil and gas

ABU DHABI, September 30, 2024 – SLB, ADNOC Drilling and Patterson-UTI have agreed to create a joint venture focused on developing the UAE’s unconventional oil and gas, the companies said on Monday.

The new company, known as Turnwell Industries, will leverage leading innovations in AI, smart drilling design, completions engineering and production solutions, SLB said.

It will deliver these services on an initial 144 wells by end-2025.

Turnwell Industries will be majority owned by ADNOC Drilling (55%), with SLB holding 30% and Patterson-UTI 15%.

“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,” ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said.

Read our latest interview with ADNOC Drilling’s Abdulrahman Abdulla Alseiari here.

Meanwhile, SLB president for the Middle East and North Africa region Tarek Rizk emphasised the venture’s sustainable approach to developing unconventionals, saying, “The 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.”

Photo courtesy of SLB.

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