ADNOC receives the first wells of the unconventional energy program from… "Turnwell"

Abu Dhabi, December 17, 2017 – ADNOC Drilling announced today the completion of the deal to establish the joint venture Turnwell Industries, LLC, and OPC “Turnwell”, between ADNOC Drilling, SLP, and Patterson-UTI. TW Holding, LLC Patterson-UTI.
Abdul Rahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said that the completion of the “Turnwell” joint venture deal with SLP and Patterson-UTI supports the efforts to implement the company’s plans aimed at enhancing the abundant unconventional energy sources in the country. The UAE enhances its global leadership position in providing energy sources responsibly.
He added that the establishment of “Turnwell” is a major achievement, the effectiveness of which was actually reflected in the company’s effective contribution to enhancing the efficiency of operations, and the delivery of the first wells within the unconventional energy program in record time.
The joint project reinforces a strong partnership that leads the UAE’s non-conventional energy sources program. Note that, according to the agreement signed between the companies, ADNOC Drilling will obtain a majority stake of 55%, while SLP, the largest oil field services provider in the world, will obtain a 30% stake, and the remaining 15% will go to Patterson-UT. I is the leading company in the field of drilling and preparing wells in the United States of America.
Turnwell had announced earlier this year the acceleration of drilling the first 144 unconventional wells after the successful start of operation thanks to the support, guidance and planning provided by the project’s founding companies, ADNOC Drilling, SLP and Patterson-UTI.

Turnwell will continue to search for major future opportunities in the field of non-conventional energy sources in the UAE.
Turnwell achieved the fastest drilling time to date in the initial program of drilling 144 wells, reaching 19.9 days, with the expectation of significantly enhancing efficiency.

The company achieved a 13% improvement in well delivery time within the First Wells Program compared to the previous record, and reduced well delivery time by 53% for the four wells within the platform’s scope of operation.
Turnwell employed advanced measurement techniques while drilling, advanced drill head designs, and new generation rotary guidance systems, which contributed to reducing costs and time, and put the company on the right path to success by achieving the goal of delivering low-cost wells.
It is worth noting that Abu Dhabi possesses large potential reserves of non-conventional energy sources estimated at 220 billion barrels of oil and 460 trillion cubic feet of gas.

Extracting these sources will require drilling thousands of wells, in addition to 144 initial wells.
Turnwell will employ the latest artificial intelligence innovations in drilling design, completion engineering, and production solutions to responsibly supply and secure the UAE’s needs for unconventional energy sources.

Turnwell also benefits from its direct relationship with Enersol, ADNOC Drilling’s joint venture with Alpha Dhabi, which invests in and acquires intellectual property rights for companies that provide innovative energy services technology and achieve greater operational efficiency.

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