UAE — In a significant move to boost the United Arab Emirates’ unconventional oil and gas sector, SLB (NYSE: SLB) has announced the formation of a new joint venture, Turnwell Industries LLC OPC (Turnwell), in partnership with ADNOC Drilling Company and Patterson-UTI.
This strategic collaboration aims to leverage cutting-edge innovations in artificial intelligence, smart drilling design, completions engineering, and production solutions.
The joint venture has set an ambitious target of completing 144 unconventional wells by the end of 2025, marking a substantial acceleration of the UAE’s unconventional oil and gas program.
SLB will play a crucial role in this venture by providing integrated drilling, stimulation, and completion services, along with project management, digital capabilities, and subsurface support.
In terms of ownership structure, ADNOC Drilling, through its wholly-owned subsidiary ADH RSC LTD, will hold a majority 55 per cent equity stake in Turnwell.
SLB will maintain a 30 per cent stake, while Patterson-UTI will hold the remaining 15 per cent.
Tarek Rizk, SLB’s president for the Middle East and North Africa region, expressed enthusiasm about the partnership, stating: “We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB’s leading position in the region deploying innovative digital, drilling and completion technologies in developing unconventional energy resources.”
Rizk also highlighted the promising future of UAE’s unconventional energy assets and the company’s commitment to enhancing their performance safely and sustainably.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, described the formation of Turnwell as a defining moment, emphasising the joint venture’s potential to unlock the UAE’s world-class unconventional energy resources and set new benchmarks for the global energy industry.
Al Seiari added: “We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond.”
This collaboration represents a significant step forward in the development of unconventional oil and gas resources in the UAE, combining the expertise and resources of three industry leaders to drive innovation and efficiency in the sector.
