🇳🇴 Equinor and Shell complete formation of Adura

December 1

Equinor and Shell have completed a deal to combine their UK offshore oil and gas operations to form a new company. Adura, which launched today, will be the UK North Sea’s largest independent producer.

Adura CEO Neil McCulloch, who brings more than 30 years’ experience in the energy sector, said: “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.”

Adura, jointly owned by Shell (50%) and Equinor (50%), combines decades of North Sea expertise into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximise long-term value for UK assets.

Shell’s Executive Vice President for Conventional Oil & Gas, Rich Howe said: “Forming the largest independent producer together with Equinor is an historic moment for our business and the UK energy industry. With an exceptional asset base and industry-leading expertise, Adura is well-positioned to lead in this mature basin.”

Equinor’s Executive Vice President for Exploration and Production International, Philippe Mathieu, said: “Adura represents a new chapter in the UK North Sea, bringing together two strong portfolios and decades of experience. With the focus, scale and operational flexibility needed to succeed, the company is positioned for long-term impact. As owners, we are confident that Adura will generate long-term value and reinforce the UK North Sea’s role in meeting the country’s energy needs.”

Adura assumes Equinor and Shell’s interests in 12 producing oil and gas assets and projects in execution, including: Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. It also holds a number of exploration licenses. The company is headquartered in Aberdeen. Staff from both Shell and Equinor have transferred into Adura, ensuring that industry-leading expertise is retained.

• Adura employs approximately 1,200 people.
• Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2026.
• According to data produced by Wood Mackenzie, Adura is expected to produce more oil and gas from the UK North Sea than any other producer in 2026.
• Equinor will retain ownership of its cross-border assets (Utgard, Barnacle, Statfjord) and its offshore wind portfolio (Sheringham Shoal, Dudgeon, Hywind Scotland, Dogger Bank). It also retains hydrogen, carbon capture, power generation, battery storage and gas storage assets.
• Shell U.K. Limited will retain ownership of its parts of the SEGAL system (Fife NGL Plant, St Fergus Gas Terminal, Braefoot Bay facility) and the Bacton onshore gas terminal and multiple southern-North-Sea assets. It also keeps interest in the Howe asset and several post-production assets.