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On Monday, Schlumberger N.V. (NYSE:SLB) disclosed the formation of a joint venture (JV) with ADNOC Drilling Company and Patterson-UTI Energy, Inc. (NASDAQ:PTEN) called Turnwell Industries LLC OPC. The JV aims to accelerate the UAE’s unconventional oil and gas program. It targets the completion of 144 wells by 2025, with the potential for additional wells in a second phase. ADNOC Drilling will hold a 55% stake, with SLB and Patterson-UTI holding 30% and 15% stakes in the JV. SLB will provide drilling, completion services, project management, and digital solutions. This deal is expected to enable the ...


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