SLB, USA announced the awarding of contracts across Gulf Countries as part of its Third-Quarter 2024 Results.
The company continues to win new contract awards that align with SLB’s strengths in the Core, particularly in the international and offshore basins. Notable highlights include the following:
- In the UAE, SLB, ADNOC Drilling Company, and Patterson-UTI announced the formation of the Turnwell Industries LLC OPC joint venture (JV). The JV will focus on the acceleration of UAE’s unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation, and completion services, as well as project management, digital capabilities, and subsurface support.
- In Kuwait, Kuwait Oil Company (KOC) has awarded SLB a lump sum turnkey (LSTK) drilling contract to drill and deliver wells in south and east Kuwait. SLB will manage the planning, construction, and drilling of 141 wells over a period of three years. This LSTK contract will enable improved efficiency and faster deployment of technologies.
- In Oman, Shell Development Oman LLC has awarded SLB a two-year integrated well construction contract covering up to 23 wells in Block 10 and Block 11 with the potential to extend an additional three years. SLB will provide bits and drilling tools, cementing, drilling fluids, drilling services, and mud logging.
Notable technology introductions and deployment in the quarter include the following:
- In Kuwait, SLB and KOC implemented an advanced well intervention workflow, integrating distributed temperature sensing, 3D far-field sonic service, and production logging tools. Deploying ACTive™ real-time downhole coiled tubing services, SLB provided detailed reservoir insights and enabled the precise deployment of engineered stimulation fluids. This intervention identified a critical thief zone, mapped the surrounding microfractures, and improved water intake patterns, ultimately resulting in an increase of 200 barrels of oil per day from four nearby wells. One previously shut-in well achieved 1,800 barrels of oil per day postintervention. Based on this success, KOC has approved the expansion of this workflow across the Sabriyah Mauddud flank, with four additional wells slated for similar interventions.
SLB is deploying digital technology at scale, partnering with customers to migrate their technology and workflows into the cloud, to embrace new AI-enabled capabilities, and to leverage insights to elevate their performance. Notable highlights include the following:
- SLB and Aramco have signed an agreement with the aim of codeveloping, commercializing, and utilizing digital solutions to help mitigate greenhouse gas emissions in industrial sectors. The agreement establishes a framework for the development of several digital solutions on SLB’s digital sustainability platform that will enable industrial companies to accelerate their progress toward net zero by more easily measuring, reporting, and verifying their emissions.
Revenue in the Middle East & Asia of $3.30 billion increased 1% sequentially, with strong sales of production systems in Australia, Saudi Arabia, Iraq, Kuwait, and Qatar and increased drilling in East Asia and United Arab Emirates offsetting weaker performance in Egypt and India. Year on year, revenue grew 16% due to higher stimulation, intervention, and evaluation activity as well as increased sales of production systems in Saudi Arabia, UAE, Iraq, Kuwait, Qatar, and Oman. Increased drilling in East Asia and Indonesia and the acquired Aker subsea business in Australia also contributed to the year-on-year growth.
