ADNOC Drilling completes ‘Turnwell’ joint venture deal with SLB, Patterson-UT
Date
12/17/2024 4:01:55 AM
(MENAFN) ADNOC drilling has announced the completion of its joint venture deal with SLB and Patterson-UT, as disclosed on the Abu Dhabi Securities Exchange website on Tuesday. Under the terms of the agreement, ADNOC will hold a 55 percent majority stake in the joint venture. SLB, the world’s leading oilfield services provider, will own a 30 percent stake, while Patterson-UT, a U.S.-based drilling and well preparation specialist, will acquire the remaining 15 percent.
Abdulrahman Abdulla Al Suairy, CEO of ADNOC Drilling, stated that the joint venture will enhance partnerships aimed at advancing the UAE’s unconventional energy program. He emphasized that the collaboration aligns with ADNOC’s strategy to boost operational capabilities and drive growth in unconventional energy exploration and production.
Earlier this year, Turnwell announced plans to accelerate the drilling of its first 144 unconventional wells. The company also expressed its intention to continue identifying and exploring additional opportunities within the UAE’s unconventional energy sector, reflecting its commitment to expanding operations in this area.
Turnwell is further supported by its direct relationship with Enersol, ADNOC Drilling’s joint venture with Alpha Dhabi. Enersol focuses on investing in innovative energy services technology, enhancing operational efficiency, and acquiring intellectual property rights, all of which will benefit Turnwell’s future growth and development in the UAE energy market.
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