SLB, ADNOC Drilling, Patterson-UTI Join Forces To Accelerate UAE's Unconventional Oil Program
Portfolio Pulse from Lekha Gupta
Schlumberger (SLB), ADNOC Drilling, and Patterson-UTI Energy (PTEN) have formed a joint venture, Turnwell Industries LLC OPC, to accelerate the UAE's unconventional oil program. The JV aims to complete 144 wells by 2025, with ADNOC holding a 55% stake, SLB 30%, and PTEN 15%. This partnership will leverage advanced technologies in AI and smart drilling.
October 01, 2024 | 9:44 am
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POSITIVE IMPACT
Investors can gain exposure to Schlumberger's activities through the iShares U.S. Oil Equipment & Services ETF, which may benefit from SLB's new JV in the UAE.
IEZ includes SLB, and the JV could positively impact SLB's performance, potentially benefiting the ETF's value.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
VanEck Oil Services ETF, which includes Schlumberger, may see positive effects from SLB's joint venture in the UAE's unconventional oil sector.
OIH holds SLB, and the JV's potential success could enhance SLB's performance, positively impacting the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Patterson-UTI Energy holds a 15% stake in a new JV with SLB and ADNOC Drilling to advance the UAE's unconventional oil program, potentially expanding its market presence.
PTEN's involvement in the JV could lead to increased business opportunities and revenue growth as it taps into the UAE's unconventional oil resources.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Schlumberger has entered a joint venture with ADNOC Drilling and Patterson-UTI to enhance the UAE's unconventional oil program. SLB holds a 30% stake and will provide key services and technologies.
The joint venture positions SLB as a key player in the UAE's unconventional oil sector, potentially increasing its market share and revenue. The use of advanced technologies could enhance operational efficiency and profitability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90