SLB: creation of a drilling joint venture in Abu Dhabi

(CercleFinance.com) - SLB, the world's number one oilfield services company, announced on Monday the signing of an agreement to create a joint venture with the Abu Dhabi National Oil Company (ADNOC).


The joint venture, named 'Turnwell', will focus on the use of AI to design intelligent drilling, engineering and production technologies.

The aim is to accelerate the implementation of the UAE's unconventional oil and gas development program, which calls for the completion of 144 projects by 2025.

In a press release, the ex-Schlumberger company states that it will contribute its expertise in project management, digital resources and subsurface exploration.

Turnwell's capital will be majority-owned by ADNOC, with 55% of the shares, while SLB will hold a 30% stake, with the remaining 15% going to oil services company Patterson-UTI.

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