Dubai: Led by ADNOC Drilling, a new joint venture has been created to tap into UAE's unconventional energy sources. The entity, Turnwell Industries llc, brings together SLB and Patterson-UTI TW Holdings, apart from the ADNOC subsidiary.
ADNOC Drilling holds 55% in Turnwell Industries, with SLB, the world's largest oilfield services provider, holding 30%, and Patterson-UTI, which is a US-based provider of drilling and completions services, holding 15%.
Abu Dhabi holds an estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place. The recovery of these resources will require thousands of wells to be delivered, over and above the initial 144 wells.
“Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s world-class unconventional energy resources," said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling. And 'reinforcing the UAE’s position as a global leader in the responsible supply of energy'.
Turnwell is exploring the 'significant potential' in unconventional energy resources in the UAE.
The company is working on its initial 144 unconventional wells following the operational startup after the JV was announced. (The recovery of Abu Dhabi's unconventional energy resources will require thousands of wells to be delivered, over and above the initial 144 wells.)
It delivered the 'fastest well time so far in 19.9 days', from the 144 well drilling campaign it is currently on. And expects further significant efficiency gains. (On the initial wells, Turnwell achieved a 13% improvement in well delivery time compared to the previous record and a 53% reduction in well delivery over the 4 wells in the pad.)
