ADNOC Drilling Company PJSC (\u201cADNOC Drilling\u201d or the \u201cCompany\u201d) (ADX symbol: ADNOCDRILL \/ ISIN: AEA007301012)announced today the creation of the Turnwell joint venture with SLB and Patterson-
\nUTI 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.
\nThe Company through its wholly owned subsidiary ADH RSC LTD has signed
\ndefinitive agreements for the creation of the Turnwell joint venture (JV) with SLB and
\nPatterson-UTI. Focused on the UAE\u2019s world-class unconventional energy resources,
\npost completion of the JV, ADNOC Drilling through its wholly owned subsidiary will
\nhold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the
\nremaining 15% equity stake.
\nTurnwell was established to be the unconventionals drilling arm of ADNOC Drilling
\nand execute a $1.7 billion contract, awarded to ADNOC Drilling, to provide drilling
\nand associated services to deliver 144 unconventional oil and gas wells. Following
\nTurnwell\u2019s efficient and successful start-up and operational delivery, ADNOC has
\naccelerated the campaign\u2019s completion timeline. The economic impact of the
\nacceleration will benefit ADNOC Drilling\u2019s 2025 earnings as well as its long-term
\ngrowth through the potential acceleration of phase two with thousands of wells.<\/p>\n
ADNOC Classification: Public<\/p>\n
Commenting on the acceleration of the well program, Abdulrahman Abdulla Al
\nSeiari, Chief Executive Officer, ADNOC Drilling, said: \u201cToday marks a defining
\nmoment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration
\nof the well program, is a testament to the innovation, collaboration, and pursuit of
\nexcellence that will define our joint venture.
\n\u201cTurnwell will not only unlock the immense potential of the UAE’s world-class
\nunconventional energy resources but will also set new benchmarks for the global
\nenergy industry. We are proud to lead the way in responsibly shaping the future of
\nenergy, both in the UAE and beyond.\u201d
\nTo achieve this accelerated timeline, Turnwell has adopted batch drilling, a method
\nthat improves efficiency and reduces costs. Additionally, Gordon Technologies, a
\nmarket-leading provider of Measurement While Drilling (MWD) technology and an
\nEnersol company, will support the delivery of these wells. MWD technology reduces
\ndrilling time, improves well-bore quality, and increases overall drilling efficiency.
\nThe involvement of Enersol companies in this campaign is pivotal. Enersol, a
\ntechnology-focused investment JV between ADNOC Drilling and Alpha Dhabi
\nHoldings, acquired a 67.2% stake in Gordon Technologies. The use of technology
\nfrom Enersol companies, by Turnwell, demonstrates the unique opportunities
\nEnersol companies have to penetrate and grow in the Middle East market, while
\ncontinuing to strengthen their presence in the traditional markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
ADNOC Drilling Company PJSC (\u201cADNOC Drilling\u201d or the \u201cCompany\u201d) (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 […]<\/p>\n","protected":false},"author":3,"featured_media":4870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[59,130,43,87,111,15,3716],"tags":[2678,3120,6189,6183,6187,1000,6179,365],"class_list":["post-4869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy-en","category-featured-en","category-finance-investment-en","category-gcc-en","category-mou-partnerships-en","category-press-releases","category-uae","tag-abu-dhabi","tag-adnoc-drilling","tag-economic-impact","tag-enersol","tag-gordon-technologies","tag-investment","tag-turnwell","tag-uae"],"yoast_head":"\n