ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012)announced today the creation of the Turnwell joint venture with SLB and Patterson-
UTI and the acceleration of its 144 unconventional oil and gas well program, following the successful and efficient delivery of the first wells in the campaign.
The Company through its wholly owned subsidiary ADH RSC LTD has signed
definitive agreements for the creation of the Turnwell joint venture (JV) with SLB and
Patterson-UTI. Focused on the UAE’s world-class unconventional energy resources,
post completion of the JV, ADNOC Drilling through its wholly owned subsidiary will
hold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the
remaining 15% equity stake.
Turnwell was established to be the unconventionals drilling arm of ADNOC Drilling
and execute a $1.7 billion contract, awarded to ADNOC Drilling, to provide drilling
and associated services to deliver 144 unconventional oil and gas wells. 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.
ADNOC Classification: Public
Commenting on the acceleration of the well program, Abdulrahman Abdulla Al
Seiari, Chief Executive Officer, ADNOC Drilling, said: “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.
“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.”
To achieve this accelerated timeline, Turnwell has adopted batch drilling, a method
that improves efficiency and reduces costs. Additionally, Gordon Technologies, a
market-leading provider of Measurement While Drilling (MWD) technology and an
Enersol company, will support the delivery of these wells. MWD technology reduces
drilling time, improves well-bore quality, and increases overall drilling efficiency.
The involvement of Enersol companies in this campaign is pivotal. Enersol, a
technology-focused investment JV between ADNOC Drilling and Alpha Dhabi
Holdings, acquired a 67.2% stake in Gordon Technologies. The use of technology
from Enersol companies, by Turnwell, demonstrates the unique opportunities
Enersol companies have to penetrate and grow in the Middle East market, while
continuing to strengthen their presence in the traditional markets.
