SLB, ADNOC Drilling Collaborate on New JV to Accelerate Unconventional Oil and Gas Projects

SEATTLE (Oil Monster): Prominent multinational technology corporation SLB declared that it has established a mutual understanding with Patterson-UTI and ADNOC Drilling Company to establish a new joint venture (JV). ADNOC Drilling's fully owned subsidiary will control a 55% majority share in the joint venture. SLB will own thirty percent of the stock, while Patterson-UTI will own the remaining fifteen percent.

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The Turnwell Industries LLC OPC JV's primary goal is to quicken the UAE's program for unconventional gas and oil. Before the end of the following year, the JV will carry out a $1.7 billion contract to supply drilling and related services to deliver 144 unconventional oil and gas wells.

SLB is pleased to partner with ADNOC Drilling, according to Tarek Rizk, President of the company for the Middle East and North Africa. The company's strong position in using cutting-edge technologies to produce unconventional energy sources is demonstrated by the strategic relationship. He continued, saying the company hopes to improve the performance of the unconventional energy assets in the United Arab Emirates in a sustainable and safe manner.

The JV is expected to set new benchmarks for the global energy industry.