SLB, ADNOC and Patterson-UTI form joint venture: Turnwell Industries

SLB, ADNOC and Patterson-UTI are creating Turnwell Industries LLC OPC, a joint venture to work on innovations in AI, smart drilling design, completions engineering and production solutions. ADNOC Drilling through its wholly owned subsidiary ADH RSC LTD will hold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the remaining 15% equity stake.

The JV will focus on the acceleration of UAE’s unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation and completion services, as well as project management, digital capabilities and subsurface support as part of the venture.