SLB Teams Up With ADNOC Drilling Co., Patterson-UTI To Create JV In UAE

(RTTNews) - Schlumberger Ltd. (SLB), Monday announced an agreement with Abu Dhabi-based ADNOC Drilling Co., and Texas-based Patterson-UTI to create Turnwell Industries LLC OPC to accelerate UAE's unconventional oil and gas program.

The joint venture will help the companies to enhance innovations in AI, smart drilling design, completions engineering and production solutions.

The newly formed company will be initially responsible for 144 wells, which will be completed by the end of 2025.

ADNOC Drilling will hold the majority 55 percent equity stake, the technology company will hold a 30 percent equity stake in Turnwell adn Patterson-UTI will hold the remaining 15 percent equity stake.

Currently, SLB's stock is trading at $42.07, down 0.52 percent on the New York Stock Exchange.