ADNOC Drilling forms 'unconventional' energy venture with SLB, Patterson-UTI

Reuters2024-12-17

DUBAI, Dec 17 (Reuters) - ADNOC Drilling

, a unit of the United Arab Emirates' state oil giant, said on Tuesday it has closed an agreement to create Turnwell Industries, a joint venture with oilfield services firms SLB and Patterson-UTI .

ADNOC Drilling holds 55% in the firm, created to tap unconventional energy resources - oil and gas that requires advanced extraction methods. SLB has a 30% stake and Patterson-UTI owns 15%.

Abu Dhabi has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas, ADNOC Drilling said.

Earlier this year, the company secured a $1.7 billion contract from parent ADNOC for drilling and associated services of 144 unconventional oil and gas wells and said it would set up Turnwell to execute it.

"Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE's unconventional energy needs and resources," ADNOC Drilling said.

Turnwell also benefits from a direct relationship with Enersol, ADNOC Drilling's JV with Alpha Dhabi, a subsidiary of International Holding Company $(IHC)$.

IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and a brother of the country's president.

Enersol, which invests in technology for the energy sector, has made four acquisitions this year.

(Reporting by Yousef Saba; Editing by Mrigank Dhaniwala)

((Yousef.Saba@thomsonreuters.com; +971562166204; ))

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SLB has a 30% stake and Patterson-UTI owns 15%.</p><p>   Abu Dhabi has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas, ADNOC Drilling said.</p><p>       Earlier this year, the company secured a $1.7 billion contract from parent ADNOC for drilling and associated services of 144 unconventional oil and gas wells and said it would set up Turnwell to execute it.</p><p>   \"Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE's unconventional energy needs and resources,\" ADNOC Drilling said.</p><p>   Turnwell also benefits from a direct relationship with Enersol, ADNOC Drilling's JV with Alpha Dhabi, a subsidiary of International Holding Company <a href=\"https://laohu8.com/S/IHC\">$(IHC)$</a>. </p><p>   IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and a brother of the country's president.</p><p>   Enersol, which invests in technology for the energy sector, has made four acquisitions this year.</p><p> (Reporting by Yousef Saba; Editing by Mrigank Dhaniwala)</p><p>((Yousef.Saba@thomsonreuters.com; +971562166204; ))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ADNOC Drilling forms 'unconventional' energy venture with SLB, Patterson-UTI</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nADNOC Drilling forms 'unconventional' energy venture with SLB, Patterson-UTI\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-17 15:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DUBAI, Dec 17 (Reuters) - 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ADNOC Drilling holds 55% in the firm, created to tap unconventional energy resources - oil and gas that requires advanced extraction methods. SLB has a 30% stake and Patterson-UTI owns 15%.   Abu Dhabi has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas, ADNOC Drilling said.       Earlier this year, the company secured a $1.7 billion contract from parent ADNOC for drilling and associated services of 144 unconventional oil and gas wells and said it would set up Turnwell to execute it.   \"Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE's unconventional energy needs and resources,\" ADNOC Drilling said.   Turnwell also benefits from a direct relationship with Enersol, ADNOC Drilling's JV with Alpha Dhabi, a subsidiary of International Holding Company $(IHC)$.    IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and a brother of the country's president.   Enersol, which invests in technology for the energy sector, has made four acquisitions this year. 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