Equinor and Shell have officially completed a transaction to combine their United Kingdom (UK) offshore oil and natural gas operations into a new joint venture company, Adura, becoming the UK North Sea’s largest independent producer.
According to a press release by Equinor, Adura is jointly owned by Shell and Equinor, each holding a 50% stake. The new entity brings together decades of expertise from the two energy majors. It is positioned to deliver a more cost-competitive and resilient portfolio while maximizing the long-term value of their UK assets.
Neil McCulloch has been appointed Chief Executive Officer (CEO) of Adura. With more than 30 years of experience in the energy sector, McCulloch highlighted the significance of the new chapter. “It’s a rare privilege to be part of a company’s first chapter. A commitment to safety, a belief in the future of the North Sea, and the combined expertise from Equinor and Shell form the foundation of our exciting new company. I can’t wait to begin working with this exceptional team,” he said.
Adura assumes Equinor and Shell’s interests in 12 producing oil and natural gas assets and projects currently under development. These include Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion. Furthermore, the company holds a number of exploration licenses across the UK Continental Shelf.
Headquartered in Aberdeen, Adura will be staffed by employees transferring from both Shell and Equinor, ensuring the retention of industry-leading technical and operational expertise. The formation of Adura marks a significant step in shaping the next phase of the UK North Sea’s energy landscape.
Shell and Equinor have been long-standing players in the UK North Sea, operating some of the basin’s most important oil and natural gas fields for decades. Both companies developed extensive offshore infrastructure, including platforms, pipelines, and subsea systems, and have cooperated in joint ventures on several key assets.
