ADNOC Drilling Takes Majority Stake in New Unconventional Energy Firm Turnwell Industries
In an ambitious move to harness the UAE’s unconventional energy resources, ADNOC Drilling has taken a majority stake in a newly formed joint venture, Turnwell Industries LLC. This collaborative entity also comprises SLB—recognized as the largest oilfield services provider worldwide—and Patterson-UTI TW Holdings, a US-based firm specializing in drilling and completion services.
ADNOC Drilling holds a 55% stake in Turnwell Industries, while SLB takes on 30%, and Patterson-UTI holds 15%. The initiative is designed to tap into Abu Dhabi’s vast unconventional energy reserves, which include an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet (TCF) of unconventional gas. The endeavor’s success hinges on delivering thousands of wells beyond the initial 144 wells.
“With the establishment of the Turnwell joint venture alongside SLB and Patterson-UTI, we are advancing our strategic plans for unlocking the UAE’s world-class unconventional energy resources,” commented Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling. “This marks a significant step in reinforcing the UAE’s position as a global leader in the responsible supply of energy.”
Turnwell Industries is currently focused on exploring the significant potential within the UAE’s unconventional energy sector. The joint venture’s immediate task involves working on 144 initial wells. Since the operational startup, Turnwell has been striving towards maximizing operational efficiency and effectiveness in well delivery.
The company reported delivering its fastest well time to date at 19.9 days, as part of its current 144-well drilling campaign. Turnwell has already achieved considerable efficiency gains, showing a 13% improvement in well delivery time compared to previous records. Additionally, there has been a substantial 53% reduction in well delivery time across the four wells in the pad, indicating promising progress towards achieving their larger production goals.
With such efficiencies, Turnwell Industries illustrates its capability to not only meet but exceed the demands required to tap into the larger reserves of unconventional energy resources in the UAE. As they continue to refine techniques and optimize processes, the anticipation of further significant gains in efficiency remains strong.
The establishment of Turnwell Industries and the subsequent drilling endeavors firmly position the UAE at the forefront of unconventional energy exploration and production. Through innovative technology and strategic partnerships, this initiative promises to bolster the UAE’s energy landscape, contributing substantially to the nation’s economic and energy objectives.
