ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'

ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling.

ADNOC Drilling owns 55% of the company, which was created to access unconventional energy resources such as oil and gas requiring advanced extraction techniques. SLB owns 30% of the company, while Patterson-UTI holds 15%.

ADNOC Drilling reported that Abu Dhabi is estimated to have 220 billion barrels unconventional oil and 460 trillion cubic feet of unconventional natural gas.

Turnwell was set up to carry out the contract, which is worth $1.7 billion. It will cover drilling and related services for 144 unconventional gas and oil wells.

ADNOC Drilling stated that Turnwell would use cutting-edge AI technology in smart drilling design and completion engineering to deliver and secure the UAE’s unconventional energy resources.

Turnwell benefits also from a direct connection with Enersol. This is ADNOC Drilling’s joint venture with Alpha Dhabi, which is a subsidiary International Holding Company.

IHC is a part of an empire of business overseen by Sheikh Tahnoon Bin Zayed al-Nahyan. He is also UAE's National Security Advisor and the brother of the president of the country.

Enersol has acquired four companies this year. Yousef SABA (reporting) and Mrigank Dhaniwala (editing)

(source: Reuters)