{"id":98930,"date":"2024-12-18T00:00:00","date_gmt":"2024-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-drilling-closes-turnwell-jv-agreement-with-slb-and-patterson-uti\/"},"modified":"2024-12-18T00:00:00","modified_gmt":"2024-12-18T00:00:00","slug":"adnoc-drilling-closes-turnwell-jv-agreement-with-slb-and-patterson-uti","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/18\/adnoc-drilling-closes-turnwell-jv-agreement-with-slb-and-patterson-uti\/","title":{"rendered":"Adnoc Drilling closes Turnwell JV agreement with SLB and Patterson-UTI"},"content":{"rendered":"

Adnoc <\/strong>Drilling <\/strong>closes Turnwell JV agreement with SLB and Patterson<\/strong>-UTI:<\/strong> Adnoc Drilling closed its new Turnwell joint venture (JV) agreement with US oil and gas wells drilling companies Schlumberger Middle East<\/a> (SLB) and Patterson-UTI<\/a>, according to a press release (pdf)<\/a>. Turnwell is set to use AI technology to deliver the unconventional energy needs and resources, according to the press release.<\/p>\n

ICYMI-<\/strong> Adnoc Drilling was awarded a USD 1.7 bn contract<\/a> from its parent company Adnoc in May to establish the JV with the two US companies, to drill for the recovery of unconventional energy resources \u2014 found trapped in subsurface reservoir \u2014 across 144 wells in the UAE. The companies had signed final agreements<\/a> for the JV in October after the \u201csuccessful start-up and operational delivery\u201d of the first wells in the campaign, which prompted the JV to accelerate drilling works and add a \u201csignificant\u201d number of wells in its second phase of operations. <\/p>\n

Improved delivery times: <\/strong>Turnwell achieved a 13% improvement in the time taken to deliver their initial wells on the back of usage of advanced measurement drilling technology, advanced drill bit designs, and new generation rotary steerable systems. The drilling joint venture also saw a 53% reduction in well delivery time over the four wells in a single drilling pad. <\/p>\n

Equity breakdown of Turnwell<\/strong>: Adnoc Drilling holds a 55% majority stake in the JV, while SLB holds a 30% equity stake, and Patterson-UTI holds the remaining 15% equity stake. <\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE drilling player sealed its Turnwell JV agreement with US partners<\/p>\n","protected":false},"author":1,"featured_media":98931,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[104,143,7,266],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-adnoc-drilling","tag-energy","tag-enterpriseam-uae","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"49e0450c-39e4-41d8-8e41-4a8c4e939356","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1691.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc Drilling closes Turnwell JV agreement with SLB and Patterson-UTI","related_issue":[98918],"teaser":"The UAE drilling player sealed its Turnwell JV agreement with US partners","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.35f07b39-5c4b-4c57-a4ff-5edee01e8aff.mp3"},"yoast_head":"\nAdnoc Drilling closes Turnwell JV agreement with SLB and Patterson-UTI - 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