ADNOC Drilling Company has been awarded a AED6.24 billion contract by ADNOC to provide drilling and associated services for the recovery of unconventional energy resources.
The contract will see the delivery of 144 unconventional oil and gas wells.
To service the contract and explore future opportunities in unconventional resources, ADNOC Drilling has incorporated a new company, Turnwell Industries.
The initial phase of unconventionals development is expected to employ up to nine land rigs, of which five are already included in ADNOC Drilling’s fleet as of December 31, 2023. The contract is expected to start contributing to ADNOC Drilling’s revenue towards the second half of this year.
Unconventional energy refers to oil and gas resources trapped in subsurface reservoirs requiring additional technology and processes to unlock them.
Abu Dhabi today holds an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet (TCF) of unconventional gas in place. The opportunity in unconventional energy presents outstanding scale with the production potential comparable to some of the most plentiful unconventional energy resources in the US.
.@ADNOCDrilling, part of @ADNOCGroup, has been awarded a AED6.24 billion contract to provide drilling and associated services for the recovery of unconventional energy sources. ADNOC Drilling’s Turnwell will deliver 144 unconventional oil and gas wells. pic.twitter.com/v77zZNjnv4
— مكتب أبوظبي الإعلامي (@ADMediaOffice) May 19, 2024
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