Harnessing Innovation: SLB and ADNOC Drilling's New Venture
SLB and ADNOC Drilling Form a New Joint Venture
SLB (NYSE: SLB) has taken an exciting step by partnering with ADNOC Drilling to establish Turnwell Industries LLC OPC (Turnwell). This new joint venture also involves Patterson-UTI and aims to harness the latest advancements in artificial intelligence, smart drilling designs, completions engineering, and innovative production solutions.
Focus on Unconventional Energy Development
The joint venture will primarily concentrate on accelerating the development of the UAE's unconventional oil and gas resources. An initial goal of the joint effort is to complete 144 wells by the end of 2025. SLB is set to provide a spectrum of services, including integrated drilling, stimulation, and completion solutions. Furthermore, they will offer project management, digital capabilities, and subsurface support to ensure the success of this venture.
Leadership Perspectives
Tarek Rizk, the president of SLB for the Middle East and North Africa region, expressed pride in collaborating with ADNOC Drilling, emphasizing the strategic significance of this partnership. He noted that it illustrates SLB’s dedication to deploying cutting-edge technologies to tap into unconventional energy resources sustainably. Rizk is optimistic about the future of the UAE's unconventional energy assets, promising enhanced performance through the joint efforts in a safe and responsible manner.
ADNOC Drilling’s Commitment to Innovation
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, remarked on this collaboration as a defining moment for Turnwell and its partners. He highlighted how the acceleration of the well program reflects the innovation and excellence that will guide their joint initiative. Al Seiari believes that Turnwell has the potential to unlock the vast resources within the UAE, setting new standards for the global energy sector.
About SLB
SLB is recognized as a leading global technology company dedicated to fostering energy innovation for a sustainable planet. Operating in over 100 countries, SLB's diverse workforce represents a myriad of nationalities as they focus on oil and gas innovation. Their work emphasizes delivering digital transformation, decarbonizing various industries, and pioneering new energy systems to support the global energy transition.
About ADNOC Drilling
ADNOC Drilling stands as the largest drilling and integrated drilling services provider in the Middle East, operating one of the most extensive multi-discipline drilling fleets worldwide. As a vital component of ADNOC's upstream operations, the company plays a crucial role in meeting the rising global energy demand. Since incorporating integrated drilling services into its portfolio, ADNOC Drilling has been delivering comprehensive well solutions, enhancing operational efficiencies and service quality.
Frequently Asked Questions
What is the purpose of the joint venture between SLB and ADNOC Drilling?
The joint venture aims to enhance the development of the UAE’s unconventional oil and gas resources by leveraging advanced technologies and innovative practices.
What technologies will the joint venture utilize?
The joint venture plans to use innovations in AI, smart drilling design, completions engineering, and production solutions to optimize operations.
What stake does each company have in the joint venture?
ADNOC Drilling will hold a 55% majority equity stake, SLB will have a 30% stake, and Patterson-UTI will own the remaining 15%.
What is the timeline for the project?
The initial objective is to complete 144 wells by the end of 2025, focusing on accelerating the unconventional energy program.
What does SLB emphasize in their operations?
SLB emphasizes energy innovation, digital transformation, sustainability, and the development of new energy systems, supporting the transition to cleaner energy solutions.
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