ADNOC Drilling, SLB & Patterson-UTI form joint venture

ADNOC Drilling closed the agreement to create Turnwell Industries, a joint venture (JV) between ADNOC Drilling, SLB and Patterson-UTI. ADNOC Drilling holds a 55% majority equity stake, SLB holds 30% and Patterson-UTI holds the remaining 15%.

Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year in a record 19.9 days, with an expectation for further efficiency gains. On the initial wells they achieved a 13% improvement in well delivery time compared to the previous record and a 53% reduction in well delivery over the four wells in the pad.

Turnwell used advanced measurement while drilling technology, advanced drill bit designs, and new generation rotary steerable systems to reduce costs and time.